5 Life Events That Mean It's Time to Review Your Insurance Coverage

Insurance isn't a "set it and forget it" purchase. The coverage that fit your life five years ago may not fit who you are today. Here are the five life events that should always trigger a fresh look at your Medicare, life, and supplemental policies.

1. Turning 65

Your 65th birthday opens your Initial Enrollment Period for Medicare — a 7-month window starting three months before your birth month. This is when you decide between Original Medicare with a Supplement or a Medicare Advantage plan, and whether to add Part D drug coverage. Decisions you make now affect what you can change (and at what cost) for the rest of your life.

2. Retirement

Leaving employer coverage triggers a Special Enrollment Period for Medicare and is the right time to re-evaluate life insurance. Many employer-provided life policies disappear or shrink at retirement. You'll also want to think about how guaranteed income, annuities, or long-term care planning fit the next chapter.

3. Death of a spouse

Losing a spouse is one of the hardest financial transitions there is. Beneficiaries on every policy should be updated. Medicare and Social Security elections may need to change, and income gaps from losing a partner's Social Security or pension can sometimes be filled with existing coverage you already paid for.

4. Children leaving home

An empty nest often means you no longer need as much life insurance as you did during the income-replacement years. It can also mean you have more cash flow to redirect toward retirement coverage, long-term care protection, or a smaller permanent policy you'll keep for life. A simple review can tell you what to keep, drop, or restructure.

5. A major health change

A new diagnosis affects what policies you can qualify for and how much they cost. If you're considering switching Medicare Supplements, adding a life insurance policy, or shopping a long-term care plan, the sooner you act, the more options you have. It's almost always easier to lock in coverage today than to wait.

A 15-minute review with an independent broker every couple of years — and after any of these life events — keeps your coverage aligned with the life you're actually living.