Customers are missing chances to adjust their life cover because advisers neglect to hold annual client reviews, MetLife says.

The adviser-client relationship report shows while 86% of clients want to be contacted by their financial adviser every year, only 56% of consumers and 50% of small businesses had a review of cover in the past 12 months.

About half of those who held reviews modified their cover as a result.

Advisers are missing opportunities to build referral business, MetLife says. A regular review makes it much more likely clients will refer their adviser to family and friends.

Small business owners have higher expectations than consumers, with only 41% rating their annual review very good or excellent, compared with 62% of consumers.

MetLife Australia Head of Retail Sales Matt Lippiatt says reviews are crucial to client relationships and help advisers reinforce their value.