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 is 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 an existing policy or considering adjustments, a mid-year financial check-in ensures 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:
Your age and health
Outstanding debts (like a mortgage or credit cards)
Your retirement income needs
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 policy expiring? Be sure you understand your options for when a term life insurance policy matures. Don’t let a gap in coverage catch you off guard.
Do you have the right type of policy? 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 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’s worth asking: Can you have multiple life insurance policies? The answer is yes — and it’s often a smart way to layer protection that adapts to your changing needs.
Have your beneficiaries and coverage amounts been updated? Life events like marriage, loss, or new grandchildren might mean it’s time to update names or increase benefits.
Do you have health concerns? If you’ve had medical issues, don’t count yourself out. There are life insurance policies for people with pre-existing conditions that offer simplified underwriting and flexible options.
Are you thinking long-term? A life insurance retirement plan can do more than offer a death benefit. It may also help supplement your retirement income through tax-advantaged cash value growth.
Are you thinking long-term? A life insurance retirement plan can do more than offer a death benefit. It may also help supplement your retirement income through tax-advantaged cash value growth.
Why a Mid-Year Insurance Check Matters
You may have purchased your policy 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 plan doesn’t have to be complicated. A licensed advisor or insurance agent can walk you through a quick evaluation and help you determine if your current policy 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, reducing stress for your children, or building retirement security, making sure your plan 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 protect what matters most.
This article is provided by New York Life Insurance Company for informational purposes only. This article is not intended to provide tax, legal, financial, or accounting advice. Please consult your own professional for advice specific to your circumstances.
