As with many insurance policies, it’s a good idea to review your cover regularly to check that you’re getting the most from it. Since life is full of twists and turns, it’s possible that you will have a need for more or less cover down the line. The Money Advice Service suggests reviewing your policy if you’ve had a change in circumstances. A need for an increased level of cover might include having a child, a change in job circumstances for you or your partner, or taking out a mortgage for example. On the other hand, paying off a large loan or retiring might be a reason to reduce your level cover.
While reviewing the amount of cover you have is important, it could also be worthwhile reviewing your policy to make sure your premiums are competitively priced. There may be better prices available now than when you first took out a policy. You might find that some policies offer more enticing optional extras and free additional cover - changing providers could mean you get more from your policy. Or, if you currently have a term policy that’s reaching the end of its period of cover, you may want to secure a second policy so that you’re protected when your original policy ends.
Whatever your reasons, for changing life insurance providers, there are some helpful tips you can use to help to make sure you do it the right way.
But how can I go about changing life insurance policies?
Determine if you need more or less cover
Start by assessing the adequacy of your current policy. Does the benefit amount meet your needs? Would your family be sufficiently protected if you were the pass away? Then again, you may find that you are overpaying on your policy and you need a decreased level of cover.
Once you have reached a decision as to whether or not you need more or less cover, you can start comparing price and value.
Do the sums
You will need to work out if there is a suitable policy that is better value elsewhere. It is likely that you could lose any premiums paid into your previous policy when you switch, so it’s important to weigh up the pros and cons of changing.
Changing your life insurance policy could potentially save you money in the long run, depending on your circumstances. But more importantly, it can mean providing the right amount of protection for the ones you love. If you find you’re not getting a good enough deal with your current provider, then maybe it’s time for a change.
Check for optional extras and add-ons
If you’re looking for increased cover you could look for which policies have additional cover that you can choose to add to your policy. This might include Critical Illness Cover, Children’s Cover or Accidental Death Cover for instance.
Making a smooth transition
You should consider the fact that some policies may not fully kick in until after a certain period of time. If you find your chosen policy has a waiting period, you can always keep your current policy in place until you’re fully covered with your new policy. That way you’re not leaving yourself or your family vulnerable during the transition period… and in case you’re wondering, yes, you usually can have more than one life insurance policy at the same time.
Since age is a big factor when determining the cost of life insurance premiums, you should be aware that you could face a higher rate of premiums depending on your age. You can always use our life insurance comparison tool to work out the cost.
Comparing life insurance policies is easy with Choozi
Once you have decided what you want from your new policy, you can begin comparing life insurance quotes. If you’re feeling overwhelmed, don’t worry! We’re here to make your life easier. We've also got a guide that can give you tips on what to look for in a life insurance policy. Choozi can provide impartial insight into life insurance deals from the UK’s leading providers. Our price comparison tool allows you to quickly compare policy details and price, making it easier than ever to make an informed choice for you and your loved ones.
If you’re ready to see what your life insurance options are, start comparing leading industry names with Choozi today. All you have to do is fill out one form and you’re ready to get started with securing a better life insurance deal.