As the year comes to a close, many families take time to reflect on what truly matters—health, family, stability, and the legacy they are building. While end-of-year planning often focuses on taxes and retirement accounts, one critical area is frequently overlooked: life insurance.
Life insurance is not a “set it and forget it” decision. Major life events including, new home, marriage, divorce, children, grandchildren, career changes, business ownership, or the loss of a loved one—can quickly make an old policy outdated. An end-of-year life insurance review helps ensure your coverage still reflects your wishes and protects the people you love most.
One of the most important items to review is your beneficiary designations. Beneficiaries override wills and trusts, yet many policies still name former spouses, deceased parents, or outdated choices simply because they were never updated. If something were to happen to you today, would your policy benefits go exactly where you intend?
Next, it’s essential to evaluate whether you have coverage gaps. Is your current policy enough to:
- Pay off a mortgage?
- Replace lost income?
- Cover final expenses and medical bills?
- Support your spouse or children long-term?
- Protect a family business?
- Pay mortgage payments and bills if you have a chronic, critical or terminal illness?
Life insurance needs often increase over time, especially for families with children or small business owners. Having some coverage is not the same as having enough coverage.
Finally, consider the role life insurance plays in your family legacy. Properly structured life insurance can provide tax-free income to your loved ones, preserve assets, create generational wealth, and prevent financial stress during an already difficult time. Modern policies may also include living benefits, allowing access to funds in the event of a chronic, critical, or terminal illness.
The end of the year is an ideal time to review what you have in place, update beneficiaries, and make adjustments before the new year begins. A short review can provide clarity, confidence, and peace of mind—knowing your family is protected and your wishes are clear.
If you’re unsure whether your life insurance still fits your goals, now is the perfect time to find out.
Contact Brightside Financial to schedule a complimentary life insurance review to ensure your coverage, beneficiaries, and legacy are aligned before the new year. (214) 991-5566
