3 life insurance moves policyholders should make before 2027

We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. November 2, 2026 / 11:56 AM EST / CBS News Add CBS News on Google Life insurance policyholders should be strategic in their approach as they head into 2027. Ekaterina Demidova/Getty Images In an economic climate in which inflation remains sticky, interest rates are rising and everyday expenses are ticking up, all personal financial considerations need to be reevaluated. And that's especially true for those who have life insurance policies already in place. Life insurance, whether it be a term or whole policy, isn't just something you can set and forget, especially if your premiums are difficult to manage in an already challenging economic climate. Instead, policyholders may find now to be a particularly opportune time to revisit what's working and what isn't, while also looking for ways to boost the value of a policy overall (even if that means changing providers or insurance types).This is especially important to do right now, in the remaining weeks of 2026, so that your protections are secure for 2027 and beyond. To that end, there are some important life insurance moves that policyholders should seriously contemplate making currently. Below, we'll break down three of them.Start by getting a free term life insurance price quote here.3 life insurance moves policyholders should make before 2027To start the new year with a life insurance plan that both fits your budget and meets your financial needs and goals, policyholders may want to strongly consider making one or more of the following three moves right now:Reevaluate your coverage amount following recent market changesWith inflation still problematic for millions of Americans, not to mention higher rates on everything from credit cards to personal loans and mortgages, there's a good chance that the coverage amount you secured when first opening your policy is no longer applicable or sufficient to cover the expenses and debt you now have. So start by reevaluating your coverage amount following all of these changes and note the possibility of higher borrowing costs and other financial challenges in 2027, too. In other words, the five-figure coverage you have now may no longer be applicable or sufficient. By reevaluating what you need, however, you'll be better positioned to find it and secure it now so you have an affordable plan in place once the new year begins.Learn more about your current life insurance options now.Reconsider your life insurance typeDoes term life insurance still work best for you and your beneficiaries? Or is a whole life insurance plan, with a cash component that you can build over time, more applicable? What you previously had may no longer be working or helpful if your financial situation has changed. And if you want to have a plan in place for 2027 or want to start building a cash reserve to potentially leverage in the future (as a whole life insurance policy can provide), it makes sense to start reviewing the types of coverage available now. And with online marketplaces making it easier than ever to accurately compare your options side by side, you can start this process right away. Start shopping for providers nowLife insurance isn't something you should rush into. After all, it can be the difference between providing the financial protection your family needs to pay off your mortgage or other debts and leaving those debts outstanding in the event of your death. So don't just lock in the first term or whole life insurance policy offer you see, even if the coverage amounts sound robust and the premiums look reasonable. Instead, start the process of shopping for providers now so you're ready to have a new policy in place next year. Just be sure to get quotes for the same terms, types and amounts from each provider you research to build an accurate, apples to apples comparison.The bottom lineA new year offers life insurance policyholders new opportunities to boost their protections while potentially reducing their premiums. But the work to fine tune your life insurance policies and protections needs to start now, in the final weeks of 2026. Reevaluate your coverage options, then, in light of recent market developments and don't hesitate to reconsider your life insurance type, too, as your goals may have changed compared to when it was first secured. Perhaps most importantly, start the process of shopping for providers and policies now as thorough research and analysis will boost your chances of finding the most suitable policy for you and your beneficiaries. Edited by Angelica Leicht