Updated: October 08, 2019

Changing Life Insurance

There are ways to change a life insurance agreement if the policy no longer fits your needs. Read our guide to find out how you could get an even better deal

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Pete Mugleston

Author: Pete Mugleston - Mortgage Expert

Updated: October 08, 2019

For many people, life insurance isn’t a luxury, it’s a necessity, especially if you’re the main breadwinner. So it makes sense to have the best cover available.

So, can you change your life insurance if you find better cover elsewhere?

There are a few things to consider, so we’ll attempt to answer all your questions and point out any pitfalls.

Why would you want to change life insurance?

There are a few reasons why you’d want to change your life insurance policy.

It’s usually a change of circumstances such as moving to a larger property with higher mortgage payments or an addition to the family.

All of these are good reasons to change your policy, but what are your options?

You could simply change the amount of cover with your current provider.

You might want to change providers for a better deal.

You may wish to cash in the value of your policy.

You may want to cancel your policy altogether.

Some, though not all, life insurance providers will allow you to increase or decrease your level of cover.

This means that your premiums will be either adjusted up or down, and there are some providers who may insist on a new health check. This will be essential if you cancel your insurance policy and open another one with a different life insurance provider.

Again, you can get the right advice from one of the insurance experts we work with. It’s free and there’s no obligation.

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Can you change life insurance companies?

Yes, you can change life insurance companies and take out a policy with another provider. But there are a few things to consider before you go ahead and change your insurance policy provider.

Contestable Period

A new policy may have a contestable period. Simply put, this is a standard clause with most life insurance policies. In the UK, if death is by suicide in the first year then the claim may be declined.

Surrender fees

Some insurance companies will charge surrender fees if you switch your life insurance to another company, but this only applies to whole of life insurance policies.

Health check

Most companies will require a health check when taking out a new life insurance policy, and if your original policy was taken out some years back, then you may not be as healthy as you were then, so your premiums may increase

Age limits

While anyone over 18 can apply for life insurance, keep in mind that some providers have age limits. This varies from one company to another, and if you’re over 50, it may be the case that a specialist policy is the most viable option.

How do you go about switching life insurance?

Unfortunately, you can’t simply transfer an insurance policy to another insurer.

If you’re surrendering a life insurance policy and intend to replace it with one from another provider, you will be asked a series of questions.

Don’t be afraid to answer those questions. They’re designed to protect you from fraud or scams, such as agents who regularly change their clients’ life insurance policies to get a commission. In the industry, this is called churning.

Providers will want to know-

  • Your current life insurance policy number.
  • Your current life insurance provider.
  • The expiration date of the policy.
  • If you plan to replace your old policy with a new one.

Whenever you make changes to your life insurance policy, it’s good practice to get a second opinion. You can get the right advice by talking to one of the insurance experts we work with. There’s no obligation and their advice is completely free. Call 0808 189 0463 or make a quick online enquiry and we’ll connect you with one of the independent life insurance experts we work with.

What are the alternatives to changing life insurance?

Instead of changing your life insurance, one alternative is to keep your current policy and take out a ‘top-up’ life insurance policy from another provider. This is a popular choice with people who find themselves with a higher mortgage, or those who may have had more children.

Where can I get the best advice on changing life insurance?

There are many life insurance providers out there who will be able to offer exactly the right cover for your needs.

The trick is finding them.

Fortunately, the life insurance advisors we work with are experts when it comes to finding the best deal. They are whole-of-market, which means they have access to all life insurance providers across the UK rather than only  a select few.

They’ll be happy to answer all your questions and provide you with the right advice based on your own circumstances and find you the most competitive quotes available so you get the right cover for the best possible price.

Call 0808 189 0463 or make a quick enquiry and we’ll connect you to the right expert to help you.

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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Pete Mugleston

Pete Mugleston

Mortgage Expert

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 are fully qualified to provide mortgage advice and work only for firms that 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.

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