Insurance, Risk, and What Might Need Adjusting
When Life Changes, So Should Your Protection
Insurance is one of those things most people set up and rarely revisit—until they file a claim and realize the coverage isn’t what they thought it was.
But here’s the truth: risk isn’t static. It evolves as your life, income, assets, and responsibilities grow. The coverage you set up five, ten, or twenty years ago might not reflect your current reality—or the risks you’re actually facing today.
That’s why reviewing your insurance isn’t about fear. It’s about alignment.
What’s Changed Since You Last Checked?
You might not have noticed how much your situation has shifted. But risk creeps quietly into our lives as things grow more complex.
Ask yourself:
Have I changed jobs, started a business, or seen income grow?
Do I have more responsibilities—children, aging parents, employees?
Have I bought, sold, or refinanced property?
Am I closer to retirement—or already there?
Each of these changes affects your risk exposure—and could mean your current insurance plan is out of sync with what you actually need.
Common Areas Where Adjustments Are Needed
Life Insurance
You might need more (or less) coverage.
Are your beneficiaries still accurate?
Would your policy still provide income replacement or estate liquidity?
Homeowners Insurance
Have property values, renovations, or local risks changed?
Does your coverage reflect the true cost to rebuild?
Umbrella Liability Insurance
Do you have one? Should you?
This policy is often underused—and can be a lifesaver in the event of a lawsuit.
Auto Insurance
Are your limits sufficient for today’s medical and legal costs?
Have you added drivers, changed vehicles, or adjusted your commute?
Disability Insurance
Does your policy reflect your current income or earning potential?
Are the definitions and benefit periods still appropriate?
Long-Term Care Insurance
Is it part of your plan?
If not, have you thought about how you’d cover the cost of care?
The Most Overlooked Risk: Assuming You’re Covered
One of the biggest risks isn’t lack of coverage—it’s thinking you’re covered when you’re not.
We’ve seen:
Policies with lapsed riders or outdated designations
Plans that don't account for inflation or market value changes
People unaware of what’s excluded from their coverage
These blind spots don’t show up until there’s a claim—and by then, it’s too late.
Make Risk Management Part of Your Annual Review
You don’t need to overhaul everything every year. But a focused annual review can help you:
Catch small issues before they become major ones
Understand how new risks could affect your financial plan
Adjust coverage to match your goals—not just your past
A Proactive Mindset, Not a Reactive One
Good risk management doesn’t mean living in fear. It means living with clarity. It’s about knowing that if something happens, your plan is ready—not just your hope.
That’s why we built the Financial Fire Drill™—a simple, practical tool to help you assess where your protection stands and what might need updating.
Let’s start the conversation.
Because the right plan isn’t just about return—it’s about resilience.
— The Stahlnecker Team
