New Year, New Beginnings: Why 2025 is the Year to Review Your Life and Health Insurance

As we approach the end of 2024 and welcome a new year, it's natural to reflect on the past and think about our goals and priorities for the future. One area that often gets overlooked during the holiday season is planning for life, health, and insurance. While ringing in the new year is about new beginnings, it’s also the perfect time to make sure that your financial security and well-being are in order.

Here’s a look at why 2025 should be the year you take a closer look at your life and health insurance coverage and what steps you can take to ensure you’re ready for whatever the new year brings.

1. Reflect on Your Life and Health Goals for 2025

New Year’s Eve is a time for setting resolutions, and when it comes to health and life, your goals should be about more than just fitness or diet. You might want to consider your long-term health goals—how will you protect yourself and your family in case of illness, injury, or unexpected loss? And how can life insurance help you achieve peace of mind for the future?

If you're not already covered by life insurance, 2025 could be the year you make it a priority. If you already have a policy, it’s worth reviewing your current coverage to see if it aligns with your evolving needs, such as a growing family or new financial responsibilities.

2. Review Your Life Insurance Coverage

As we prepare for the challenges and opportunities of 2025, it's crucial to evaluate your life insurance coverage. Life insurance is a safety net for your loved ones, ensuring they won’t face financial hardship if something unexpected happens to you.

• Term Life Insurance: This type of insurance is ideal if you're looking for affordable coverage for a set period. Whether it's 10, 20, or 30 years, term life insurance can provide protection as you work toward achieving key milestones like paying off a mortgage or funding your children's education.

  
  

• Whole Life Insurance: If you're looking for lifelong protection and a financial asset that builds cash value over time, whole life insurance might be the right choice. It's an investment in your future, offering both security and a source of potential wealth down the road.

  
  

In the new year, make sure your life insurance policy is in line with your current life stage. Have you recently had a baby or bought a house? Are there any changes in your income or debt levels? These factors can affect how much coverage you need.

3. Evaluate Your Health Insurance and Well-being

As we set resolutions for health and fitness, we should also ensure our health insurance is up to date. With 2025 just around the corner, here are a few things to consider:

• Review Your Health Plan: If you’re still on your employer’s health insurance, or if you’ve switched jobs recently, now’s a great time to revisit your coverage. Does your plan cover the care you need? Are there gaps in your coverage you should address? Open Enrollment for health plans is often in the fall, but it’s important to start thinking about it well in advance to avoid any last-minute surprises.

  
  

• Health Savings Accounts (HSAs): If you’re enrolled in a high-deductible health plan, an HSA is a great way to save for future medical expenses. Consider contributing to your HSA in 2025 to benefit from tax-free withdrawals for qualified health expenses.

  
  

• Wellness Goals: A healthy lifestyle is one of the best ways to reduce future medical costs. Now is the perfect time to think about the preventative measures you can take to improve your overall health, such as eating better, exercising regularly, and scheduling annual checkups.

  
  

4. Prepare for Unexpected Life Events

While New Year’s Eve is a time of joy and celebration, it’s also a reminder that life can be unpredictable. No one plans for accidents, illnesses, or death, but these are events that can significantly impact our lives and finances.

• Disability Insurance: What happens if you’re unable to work due to illness or injury? Disability insurance provides a replacement income to ensure you can still cover your living expenses while recovering. Check your coverage and make sure it’s adequate.

  
  

• Critical Illness Insurance: Some conditions like cancer, heart attacks, and strokes can have devastating financial consequences. Critical illness insurance helps you cover costs associated with these events, giving you one less thing to worry about during an already challenging time.

  
  

5. Set Your Financial Priorities for 2025

Life insurance, health insurance, and other protections aren’t just about planning for the worst—they’re also part of your broader financial strategy. As we head into 2025, it’s a good idea to:

• Set a Budget: Insurance premiums can be a significant part of your monthly expenses. Make sure your budget accounts for these costs and that you're not overpaying for unnecessary coverage. Consider bundling your life and health insurance for discounts.

  
  

• Invest in Long-term Financial Security: Aside from life and health insurance, consider other financial instruments like retirement plans or investment accounts that can help secure your financial future.

  
  

• Build an Emergency Fund: While insurance provides protection, it’s also important to have an emergency savings fund for unexpected expenses. In 2025, aim to have three to six months’ worth of living expenses saved up for peace of mind.

  
  

6. Take Action: Review, Adjust, and Protect

As you celebrate the arrival of 2025, take a moment to review your life and health insurance policies. Life changes quickly, and it’s crucial to be prepared for what’s ahead. Make sure your coverage is comprehensive and up to date, adjust your plans to reflect your current needs, and take steps to protect yourself and your family in the year to come.

In the spirit of New Year’s resolutions, commit to ensuring that your family is well-protected and your health is a top priority. By reviewing your life and health insurance, you’ll gain the peace of mind necessary to face whatever 2025 brings.

Ready to Review Your Insurance for 2025?

If you haven’t yet taken a close look at your life and health insurance plans, there’s no better time than now. Reach out to Jenny Chea-vaing and Associates for a free life insurance consultation and quote. Our experienced team is here to help you understand your options and find the coverage that best fits your unique needs. Whether you’re just getting started or reviewing your current policies, we’re ready to assist you every step of the way.

Don’t wait! Secure your financial future today. Contact us for your free consultation!