Protecting What Matters Most: A Life Insurance Checklist for the Second Half of the Year
June 9, 2025
June offers a natural pause point — a time to reflect on the year so far and prepare for the busy months ahead. It’s also the perfect opportunity to make sure your life insurance coverage still meets your family’s needs. Life changes quickly, and your policy should reflect your current responsibilities and goals. Use this practical midyear review to check whether you're still protecting what matters most.
Why Conduct a Mid-Year Life Insurance Review?
As your life evolves, your life insurance coverage should keep pace to ensure your loved ones remain fully protected. For instance, it’s important to regularly update your beneficiaries so they reflect your current relationships. An outdated designation can lead to confusion or disputes during an already difficult time.
Adjusting your coverage level is also critical if you’ve experienced shifts in your income, taken on new debt, or paid off existing financial obligations. These factors influence how much protection your policy should provide.
Finally, your life insurance should continue to align with your current stage of life and long-term financial goals — whether you’re expanding your family, planning for retirement, or building a legacy. Reviewing your policy now helps avoid surprises later and provides the peace of mind that comes from knowing your family is safeguarded.
Midyear Life Insurance Checklist
Use the following checklist to evaluate whether your current life insurance policy still aligns with your needs. Each question serves as a reminder of why regular reviews are essential.
Have you experienced any major life changes this year?
Life events such as marriage, divorce, the birth or adoption of a child, or the death of a loved one can alter your coverage needs. These changes often shift financial responsibilities and should prompt a reevaluation of your policy.
Have you changed jobs, received a promotion, or retired?
Career transitions can impact your income, employer-provided benefits, and overall financial security. If you’re no longer covered under a group policy or your financial situation has changed, it may be time to adjust your individual coverage.
Have your financial responsibilities increased or decreased?
A new mortgage, a loan, or added caregiving responsibilities can increase your family’s financial needs. Conversely, paying off debts or downsizing might reduce the level of coverage you require. Your policy should reflect your current financial commitments.
Are your beneficiaries current and clearly listed?
Outdated beneficiary designations can lead to legal complications or delays in benefit distribution. Confirm that the individuals listed still align with your wishes and that their contact information is accurate.
Does your coverage reflect your household’s current income and expenses?
If your standard of living has changed, your coverage may no longer provide adequate protection. Make sure your policy is enough to replace income, cover day-to-day expenses, and maintain your family’s quality of life.
Do you have enough coverage for final expenses, debts, and your family’s future financial needs?
A comprehensive policy should go beyond funeral costs. It should account for outstanding debts, ongoing bills, education costs, and long-term planning — especially if you’re the primary earner.
Have you considered whether an additional policy may be needed (e.g., to cover caregiving or education costs)?
Supplemental coverage can help you meet specific goals such as funding a child’s college education or providing for a dependent parent. If your responsibilities have grown, additional coverage might be appropriate.
Has your health improved in ways that might reduce your premium?
Better health — through weight loss, smoking cessation, or improved medical conditions — could qualify you for a lower rate. A new health evaluation may lead to more favorable pricing.
Have you checked whether your current policy includes riders or benefits you’re not using?
Many policies include valuable features such as disability income, long-term care coverage, or living benefits. Reviewing these options can help you make the most of what your policy offers or identify any gaps to fill.
When To Update or Adjust Your Policy
You should consider making changes to your policy if:
- Your family structure has changed (marriage, children, divorce)
- Your financial obligations have grown or decreased
- Your current policy is outdated or lacks flexibility
- Your policy doesn’t align with your estate planning goals
Coordinating your life insurance with your broader financial and estate plans — including wills and trust documents — is essential. The American Bar Association offers helpful estate planning resources.
How 1891 Financial Life Helps You Stay Prepared
At 1891 Financial Life, we offer solutions designed to grow and change with your life. As a fraternal benefit society, we provide more than just coverage — we offer personalized service and community-focused support. Whether it’s updating your policy or exploring additional protection, our team is here to guide you with compassion and expertise.
Don’t Wait for the Year-End Rush
A midyear review can bring peace of mind and ensure that your life insurance continues to protect those who matter most. By following this simple checklist, you’re taking a big step toward long-term financial security.
Reach out to a qualified 1891 Financial Life professional to discuss your coverage options and make any needed adjustments. Remember, the right life insurance plan isn’t just about protection — it’s about confidence for the future.
About 1891 Financial Life
Our culture is about looking out — for you, for others, for family, for the community. That is how we go “Beyond Life Insurance.”
At 1891 Financial Life, we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs. In 2023, 1891 Financial Life was listed by Forbes as one of "The World's Best Life Insurance Companies."
Our portfolio is extensive, ranging from various life insurance policies to our annuities to support your financial needs no matter what stage of life you’re in.