End of Year Check: Is Your Life Insurance Still Right for You?

As we approach the end of 2025, there are plenty of ducks to get in a row, especially when it comes to your insurance policies. Life insurance, for example, is a key part of protecting the people who matter most to you.

If you already have a policy, now is a great time to take a step back and make sure your cover still matches your loved one’s needs.

In this guide, we’ll explore why your cover requirements may have shifted and how to determine if your current policy is still the best fit.

Why should you review your life insurance policy?

In many ways, life can change with a flick of a switch. With this in mind, it's important to make sure your life insurance policy still meets your goals and needs before it's too late. If you don't, it could mean your loved ones are left with less financial support than needed should the worst happen.

Though having adequate protection is essential, you may also find that you need less cover than initially thought. In this case, you could reduce your cover to save money on premiums. It also gives you an opportunity to look for better deals elsewhere.

Reasons you may need to adjust your cover for 2026

Even the slightest change to your circumstances could warrant a change to your life insurance policy. Some of the main reasons people need to adjust their cover often include:

• Life changes like marriage, divorce, new children, or changing jobs.
   

• Financial changes such as paying off a mortgage, taking on debts, or changes in income.
   

• Health changes, such as cases where a new medical condition may affect cover or premiums.
   

• Policy changes where there may be outdated terms or an insufficient limit to cover.
   

• Employer policies where you need to reassess if your workplace cover is enough.

These changes could also affect the type of policy you need. For example, if you have decreasing term life insurance and have paid off your mortgage, you might consider switching to a different type of cover, such as whole life insurance.

Alternatively, if your loved one’s circumstances have evolved, you may find joint life insurance more suitable if you now have a partner who depends on your income.

How often should I review my life insurance policy​

Ideally, you should review your life cover when you go through a significant change that could impact how much cover you need. It's a good notion to review your life insurance at least once a year so that your cover accounts for any changes in your life, finances, or health.

For many people, reviewing at the same time each year is a simple way to make sure nothing slips through the cracks. During this review, you can also check your critical illness cover and income protection policies (if you have them) to ensure all aspects of your financial protection are still right for your needs.

What to do when reviewing your life insurance

When it comes to reviewing your life insurance cover, it always helps to have a clear plan of what you want to cover. A good place to start is by asking yourself a few questions, such as:

• Has anything significant changed in my life over the past year, such as marriage, children, or moving house?
   

• Is my current cover enough to protect my mortgage, loved ones, and lifestyle?
   

• Do I have employer-provided cover (such as death in service benefit), and is it sufficient?
   

• Do I need additional protection, such as critical illness or income protection?
   

• Am I paying more than necessary for my current policy, or could I find a better deal elsewhere?
   

Once you’ve answered these questions, you can book a review with your insurance provider to discuss your options. You may decide on other options such as upgrading your policy, switching providers, or adding additional cover to better match your needs.

If you're looking to take out a life insurance policy or review your needs, our team of friendly advisers can help. Call our team today to discuss your options and find the right policy for your needs.