While you’re readying your to-do lists and planning to hit the gym or start on that shiny new project this new year, your insurance may be changing right under your nose.
With the renewal of your life insurance policy, the insurance company may review any new changes both personal and non-personal that may affect your risk amount. This risk is what affects the cost of your insurance. Your life insurance rates may change if you: 
- Moved
- Got married
- Had children
- Changed jobs
- Committed lifestyle changes
These changes could make your insurance rise or drop. For example, if you started smoking, your rates are likely to rise. On the other hand, if you quit smoking, your life insurance rates may decrease.
In general, however, premiums tend to go up with each new year—including 2020. Be sure to review your policy at the beginning of the year to make sure that you aren’t paying too much. This way, you know when it’s time to switch insurance carriers or policies.
In general, factors that affect your life insurance policy include:
- Age
- Gender
- Type of policy
- Coverage amount
- Term length
- Health and family health history
- Hobbies and occupation
When Can I Change My Life Insurance Policy?
You can generally review your life insurance policy at any time, but you should be careful on how often you make changes. It’s typically recommended that you only change your plan once every year. Of course, there are exceptions. Major life changes can cause your insurance needs to change, such as adopting a child or facing a death in the family. Make sure to inform your insurance agent about any major life changes within 60 days of said changes. Be aware that if you cancel your policy and re-enroll, you may pay more than you did previously if you purchase another life insurance policy.
What if My Term Life Insurance Expires?
If you have reached the end of your life insurance term and you still need coverage, you may extend the term or adapt your coverage into a whole life insurance policy. Life insurance technically does not expire unless you choose to cancel it. If you have life insurance set for four years and choose not to cancel it, you may maintain life insurance by speaking with your insurance agent.