Year-End Life Insurance Review: 5 Questions to Ask Yourself
December is when I sit down with families to close out the year, and the life insurance review is always the shortest meeting that matters most. Five questions cover almost everything — grab a coffee and run through them.
Did your family or finances change?
Marriage, a baby, a divorce, a new mortgage, or a significant raise all move the number you need. Coverage sized for your life two years ago protects a family that no longer exists.
Beneficiaries deserve the same check. An ex-spouse still listed on a policy is one of the most common — and most painful — mistakes I see.
Is your term clock still on schedule?
If your 20-year term was bought when the kids were born, it expires around their college years — exactly when you may still need it. Check the expiry and the conversion deadline now, not later.
If you have converted or layered coverage, confirm the pieces still fit together. Policies bought at different life stages often overlap awkwardly or leave gaps.
Could your health buy you a better rate today?
Quit smoking over a year ago? Lost significant weight? Many carriers will re-rate or replace your policy at non-smoker or improved health class pricing — savings that last for decades.
The review costs nothing and takes fifteen minutes. If everything still fits, you get peace of mind; if not, we fix it while the year is young.
Frequently Asked Questions
- How often should I review my life insurance?
- Annually, and immediately after any major life event — marriage, birth, divorce, home purchase, or a significant income change.
- Can I lower my life insurance premium if my health improved?
- Often yes. Former smokers and people with improved health markers can qualify for better rate classes through re-evaluation or a new policy.
- What happens if I just let my term policy expire?
- Coverage simply ends — no refund, no benefit. If you still need protection, renewal rates are typically very expensive; plan the transition before expiry.
Let's make sure your coverage matches your life
I'm Chaz Toomey, right here in Ruskin. Send me a few details and I'll review your policy or build a quote — no pressure.