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        Updated: May 29, 2024

        Life Insurance - What Happens If My Circumstances Change?

        A change of circumstances can make a life insurance application more complicated, but that doesn't mean you have to miss out on the best deal. Read our guide to find out how we can help

        Ask A Quick Question

        We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in life insurance. Ask us a question and we'll get the best expert to help.

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        No impact on your credit score

        If you have already taken the necessary steps to secure a financial future for your family with life insurance, then kudos.

        However, throughout life, circumstances change and these changes can affect how much you pay for your life insurance policy. Because of this, it’s important to keep your insurer updated.

        The last thing you want your family to endure after losing a loved one is to have their life insurance claim rejected because of inaccurate information.

        With that in mind, we’ve created this short guide so you’ll have all the relevant information you need before updating your life insurance policy.

        Why do I need to update my life insurance if I have a change of circumstances?

        It’s crucial to inform your insurer of any changes to your circumstances as this could affect the amount you are charged for your policy as well as the amount your family would receive if you were to die.

        If you neglect to let them know of a change and your family later make a claim against your policy, it could be rejected on the grounds of non-disclosure, leaving your family with nothing.

        When you take out life insurance, the provider will ask you questions about your health and medical history to determine how likely it is that they’ll need to pay out on a future claim.

        Usually, if you have a longer life expectancy and good overall health, your premiums will be lower since insurers will deem you less likely to pass away and require a payout.

        It may be the case that when you initially took your life insurance policy out, your circumstances were different to what they are now.

        Speak to a expert today

        What changes do life insurance companies need to know about?

        Below are a list of questions to regularly ask yourself if you have a life insurance policy. If the answer is yes to any of these, most experts would recommend contacting your insurer.

        • Have you taken up smoking?
        • Have you quit smoking?
        • Have you been diagnosed with a critical or ongoing illness?
        • Have you gained or lost a significant amount of weight?
        • Are you pregnant?
        • Have you had a child or additional children?
        • Are you married?
        • Are you divorced?

        You’re not legally obliged to disclose any change of circumstances, as the policy was taken out and agreed on the original application. As stated, it’s best to say something. Premiums shouldn’t change, and you remove the risk of policies not paying out from non-disclosure.

        Changing circumstances may mean your premium should fall. Again this may not happen, but you might be able to replace the policy with one from a different provider at a lower premium.

        If you feel unsure about whether or not you need to update your insurance because of a change in circumstances, ask one of the life insurance experts we work with. Call 0808 189 0463 or make a quick online enquiry.

        Will I need to switch providers?

        Not necessarily, though there are some scenarios where this might need to happen.

        It’s possible that because of an improvement to your lifestyle and health, your insurance company could decrease the price you pay for your insurance.

        However, keep in mind that if your health has deteriorated or your life expectancy has decreased, the price of your premiums could increase.

        In a handful of cases, where a change of circumstances is significant, the insurance company may decide that because of the increased risk of death, they can no longer provide life insurance for you.

        If this happens, contact an insurance advisor who can help you find sufficient cover elsewhere.

        Using their knowledge of the insurance sector, they can scour the market to find alternative providers that are more likely to accept you as a customer.

        The advisors we work with are on hand to answer all your queries. Call 0808 189 0463 or make a quick enquiry.

        Can an insurance advisor find me cheaper life cover?

        One of the great things about working with an insurance expert is that because of their experience, they’ll be aware of the insurance companies that provide cover for lower prices.

        Bear in mind that cheaper isn’t always best because the price you pay can reflect the level of cover you receive, as well as the amount of the payout your family could be entitled to.

        However, if there’s another life insurance company that can offer the same level of cover or a better level of cover for a cheaper price, the advisors we work with will find it.

        Speak to an expert advisor

        If you’re unsure about how to update your life insurance policy after a change of circumstances, seek independent insurance advice today.

        The advisors we work with can compare life insurance quotes from across the UK to determine which policy could provide you with the best level of cover for the lowest price.
        Call 0808 189 0463 or send your questions directly to an advisor who can help.

        Ask A Quick Question

        We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in life insurance. Ask us a question and we'll get the best expert to help.

        1 of 2
        2 of 2 Send!

        Pete Mugleston

        Mortgage Expert, MD

        About the author

        Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

        Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

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        FCA Disclaimer

        *Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us as well as any of our own are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

        Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.