Mid-Year insurance check: do you have enough coverage?
Life moves fast — especially in retirement. That’s why taking a moment for a mid-year insurance check may be more important than ever. It's not just a financial task — it’s a proactive step to help protect your peace of mind and your loved ones’ future. Whether you're reviewing existing coverage or considering adjustments, a mid-year financial check-in can help ensure your life insurance coverage still aligns with your current situation and goals.
Start with the basics: how much life insurance do I need?
This is one of the most common questions — and for good reason. The right amount of coverage depends on several factors, such as:
- Your age and health
- Outstanding debts (like a mortgage or credit cards)
- Legacy goals and final expenses
As life evolves — retirement, grandchildren, medical updates — your insurance strategy should evolve too.
Key questions for your mid-year review?
- Is your current coverage expiring? Be sure you understand your options for when term life insurance ends. Don’t let a possible gap in coverage catch you off guard.
- Do you have the right type of protection? Many people ask: Whole life or term life — which is better? Term life is often suited for short-term needs due to its lower initial cost, while most whole life provides long-term protection along with cash value benefits.
- Have your financial or family responsibilities changed? If you’re supporting a spouse, adult children, or managing new expenses, it may be worth asking: Can I have multiple types of life insurance coverage? The answer is yes — and it can be a helpful way to layer protection that adapts to your changing needs.
- Have your coverage amounts been updated? Life events like getting married, buying a home, or having new grandchildren might mean it’s time to increase your benefits.
- Do you have health concerns? If you’ve had medical issues, don’t count yourself out. There is life insurance coverage for people with pre-existing conditions that offer simplified underwriting and flexible options.
Why a mid-year insurance check matters
You may have purchased your coverage years ago. But your life, finances, and family priorities have likely changed since then. Without regular reviews, your insurance could fall short when it matters most. Updating your insurance doesn’t have to be complicated. You may want to consult a financial advisor for a quick evaluation to see if your current coverage still meets your needs — or if it’s time to make adjustments.
Confidence for you, security for them
Life insurance isn’t a one-time decision — it’s a lifelong tool. Whether you’re protecting your spouse or reducing stress for your children, making sure your coverage is up to date gives you confidence moving forward. Take time now for a thoughtful review. It’s one of the most important things you can do to help protect what matters most.
This article is provided by New York Life for informational purposes only. Neither New York Life, AARP, nor its affiliates provide tax, legal, financial, or accounting advice. Please consult your own professional for advice specific to your circumstances.
