What to Review in Your Annual Insurance Checkup

Because Life Changes—And So Should Your Coverage

Insurance is something most people file away and forget—until they need it. But an outdated or incomplete policy can lead to stress, delays, or even denied claims when it matters most.

That’s why an annual insurance checkup is so important. It’s not just about premiums or paperwork—it’s about making sure your coverage still reflects your life, your needs, and your goals.

Here’s what you should review each year to ensure your insurance strategy is keeping pace.

Life Changes = Coverage Changes

Marriage, divorce, new children or grandchildren, buying a home, changing jobs, retiring—any of these life events can shift what you need from your insurance policies.

Ask:

• Have I added or lost dependents?

• Did I recently move or refinance my home?

• Have my income or expenses changed significantly?

• Am I nearing retirement or already there?

Why it matters: These events may require changes to your beneficiaries, coverage amounts, or policy types.

Benificiary Designations

One of the most overlooked (but critical) items. Your insurance company won’t guess who should receive a benefit—they’ll go by the form on file.

Double-check:

• Are all primary and contingent beneficiaries still correct?

• Do designations align with your estate plan?

• Have there been marriages, divorces, or deaths since your last update?

Pro tip: Naming a trust, where appropriate, can sometimes offer added control—especially in blended families or for minors.

Coverage Adequacy

Do your current policies reflect your financial responsibilities and risk exposure?

Review:

• Life insurance: Will it cover your family’s needs, debts, or legacy goals?

• Disability insurance: Is your income protection still enough based on current earnings?

• Long-term care coverage: Will it support your preferred type of care if needed?

• Homeowners/auto/umbrella: Are coverage limits and liability protections still appropriate?

Remember: Inflation, lifestyle upgrades, and policy term limits can erode protection without you noticing.

Policy Types and Features

Insurance is not static—new policy options and riders become available every year. Some of them may offer better value or more flexibility.

Explore:

• Can I convert a term life policy into permanent coverage?

• Are there new riders for long-term care or chronic illness?

• Should I consider a hybrid policy that combines life and care needs?

A financial advisor or insurance professional can help you evaluate if new features make sense for your situation.

Premiums and Affordability

Are your current premiums sustainable within your budget—especially if you’re nearing or in retirement?

Check:

• Are there upcoming premium increases?

• Can I restructure a policy to reduce costs without losing key benefits?

• Is my cash value policy performing as expected?

If something feels off or unfamiliar in your policy statement, don’t hesitate to ask questions.

Policy Ownership and Titling

It matters who owns the policy—and who’s paying for it. Improper titling can lead to tax consequences or delays in benefit payouts.

Examples:

• Are your policies owned by you individually or in trust?

• Are business-owned policies correctly structured?

• Who has control over policy changes?

If your estate plan has evolved, make sure your policies are aligned with it.

Coordination Across Policies

Your insurance portfolio should work together—not in silos.

Think about:

• Do my health insurance and long-term care policy coordinate?

• Are my umbrella and auto/home coverage layered properly?

• Is my business insurance integrated with my personal plan?

An annual checkup helps eliminate gaps and duplication across your policies.

Final Word: Insurance Isn’t “Set It and Forget It”

Too often, we see insurance policies collecting dust—outdated, misaligned, and misunderstood. But with a little intentional review, these tools can offer exactly what they were meant to: confidence, clarity, and peace of mind.

At Stahlnecker Wealth Management Group, we walk clients through this process every year—reviewing documents, updating designations, and making sure your insurance still fits your life.

Let’s start the conversation.

If it’s been a while since you looked at your policies—or if you’re unsure how they fit into your overall plan—we’re here to help.

And if you haven’t yet completed a Financial Fire Drill™, now is a great time to see where your plan stands.