Lycoming and Continental engines now need overhaul at TBO or 12 years
"Need" is relative. Most commomly, manufacturers express such "needs" in the form of service bulletins. The requirements to comply with a service bulletin vary with type of aircraft operation, and local aviation authority. If the aviation authority has chosen to absolutly require the compliance with the service bulletin by all owners, the service bulletin will be made mandatory by Airworthiness Directive, which most other authorities generally adopt.
So before you rush out for the overhaul at 11 years and 364 days, check if it is actually mandatory for your particular operation and aircraft. If it is not, make an informed decision. A very regularly run, well cared for engine can run on condition very safely much longer that 12 years and TBO. Mine (O-200) was 16 years and 3750 hrs when I decided to overhaul it, with the reason being a bit of metal in the oil. The source of the metal was a completely non-essential alternator coupling cover, and the rest of the engine was in excellent condition. It would have run much longer with no problem. That said, expect to repair/overhaul/replace cylinders and other such "consumable" components along the way.
Pilot DAR