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A guide to reviewing Life Insurance Policies

Life can change quickly. You could start a new job, meet a new partner, start a family, the possibilities are endless. It’s great that you’ve already taken out a life insurance policy, but when was the last time you had a life insurance annual review? We think it’s important to periodically check that your insurance still delivers the protection you need. In this life insurance guide, we explain why reviewing your policy is so important, and how our team are here to help.
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Life changes…and so should your life insurance plan

If you’ve already taken out a life insurance plan, then you’re doing brilliantly. It’s thought that only 35% of people have life insurance cover (source: Direct Line Life Insurance), which is something that concerns us greatly. Having financial protection in place is essential if you want to protect your family’s financial future after you’re gone.

But when was the last time you checked your life insurance? Life changes, families change, circumstances change…The plan that you initially signed up for may have been perfect at the time, but perhaps it’s not the right policy for you now.

Here at The Insurance Surgery, we pride ourselves on making sure that you have the right policy in place throughout your life. We always recommend checking life insurance policies to make sure that you still have the right level of cover or to check that any pre-existing health conditions remain covered.

Reviewing life insurance only takes a quick phone call, and you never know – we might be able to lower your premiums!

So what are you waiting for? Pick up the phone, and let’s get started!

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Why should you review your life insurance policy?

We’re a chatty bunch here at The Insurance Surgery. We love taking the time to chat with you to find out your reasons for taking out life insurance. For some people, it’s about knowing they can always pay off the mortgage. For others, it’s about being able to guarantee a standard of living for their partner or their children.

Every reason is valid, and we love hearing your stories and making sure that you have the financial protection you’re looking for.

So, if you’ve already got a life plan in place, why should you review your policy?

Life can change dramatically. Most people typically take out a term life policy or a whole-of-life plan. These are both great options. But your life may have changed since you initially took out your plan.

Here are just a few reasons why now is the time to check your life plan.

  • You may have moved house. Often, people take out mortgage insurance so they can guarantee that their mortgage will be repaid if you (or your partner) were to pass away. But if you’ve moved house since taking out the policy, your level of cover may no longer be enough to cover the remaining mortgage balance.
  • Your family may have changed. Since taking out your life plan, you may have gotten married, divorced, started a family, or the kids may have grown up. Reviewing your life plan can help you check that any potential payout is going to the right people or will pay out in the way you want it to. Reviewing your policy can allow you to reduce or increase the level of cover that you need right now.
  • Have you started a new job? New jobs may have new benefits that could impact how much cover you need. Your new employer may offer generous death-in-service benefits – in which case, you could potentially reduce how much cover you’ve got, which could lower your premiums.
  • You’ve accrued some debts. Often, people like to have a life insurance plan to make sure that any debts are paid for after they’ve gone. If you’ve built up a number of debts (beyond your mortgage), increasing your level of cover could be beneficial to make sure that your estate is not liable for paying them off.
  • You want to add on extras. Perhaps you want to add in critical illness cover or income protection. Adding these to your current life plan may be more cost-effective than taking out separate policies.
  • You’ve seen a better deal. As insurance brokers, we see new products come onto the market every day. Often, switching to a new plan could offer better levels of cover for similar or lower prices. Or you might prefer a provider with a better track record of prompt, easy payouts.

Of course, these are just a few common reasons why you might choose to review your life policy. There are hundreds of other reasons, and we’re here to help you every step of the way.

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How often should you check your life insurance policies?

That’s up to you. Some people like to be organised and prefer annual life insurance reviews.

Checking every 12 months can keep you on track and give you full confidence that you’ve always got the right insurance plan for your current needs.

But we know that not everyone is that organised or has the time for regular reviews.

Our general rule of thumb is to say that you should periodically check your life insurance every time you have a major life event such as:

  • Marriage or cohabitation
  • Divorce or separation
  • Moving house or finishing paying off a mortgage
  • Birth of a child or grandchild
  • Changing health condition
  • Changing occupation, including becoming self-employed

Regularly reviewing life insurance policies is about making sure that you have the right amount of financial cover in place. It’s about making sure that you’re not paying a penny more than you need to. And that you’re getting the most value for your money.

But more importantly, checking life insurance plans can reassure you that your policy will pay out when you need it to!

Quitting smoking is a great excuse for reviewing your policy!

If you’ve quit smoking since taking out an insurance policy, then a huge congratulations!

We know how hard it is to quit smoking. But we also know how much better it is for your health and your finances!

If you previously had a smoker’s life insurance plan, you should always talk to us if you’ve given up. Insurers love to reward ex-smokers and depending on how long you’ve been smoke-free, you could get a significant discount on your premiums.

Typically, we’d want you to be smoke-free for at least 12 months before you’re classed as an ex-smoker, but as the years go on, you could be considered a non-smoker, further lowering your premiums!

Each insurance company will have their own requirements, but by checking your insurance policy with us, we may be able to switch your insurance to a better deal.

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Can checking life insurance lower your premiums?


Switching life insurance plans is much easier than you may think – especially when working with our expert team.

Typically, adjusting your level of cover or transitioning from a smoking life plan to an ex-smoker or non-smoker life plan are the most common ways of lowering your premiums. But the good news is that with our price promise, you can guarantee that you’ll never pay more than you need to for a life insurance plan. That’s because we’ll always price-match any like-for-like plan.

If you took out a policy through a comparison website or a provider directly, you may not have had the right policy for you and your family. New deals come through all the time – some of which may offer a better level of protection for a similar or lower premium.

Please don’t feel that once you’ve signed up for life insurance, that’s it.

The joy of life insurance is that it can adapt and change with your life. With our help, you can easily adjust or change your current policy, or you can switch to a new provider entirely!

All you need to do is talk to us.

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Reviewing life insurance could give you access to valuable extras

Right now, insurance firms know that times are tough.

The cost-of-living crisis means that every penny needs to be budgeted and carefully thought through, so providers are continually adding extra value-added services to their policies. They don’t want to see you cancel your life insurance plan entirely to save money, so insurers are investing in new services and products that will highlight how their policies offer value for money.

For example, many providers are now offering life insurance add-ons, including:

  • Access to virtual GPs
  • Bereavement counselling
  • Discounted gym membership
  • Discounted home/car/travel/pet insurance
  • Incentives and rewards (such as cinema codes, drinks and restaurant vouchers)
  • Mental health support
  • Nutritional support

These little extras may seem small, but they can soon add up, helping you to save valuable pounds that you can enjoy elsewhere!

If you’re on an older plan, why not talk to us? We may be able to check if your current provider is offering you access to their value-added services or find an alternative provider so that you are getting the most bang for your buck!

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Need Advice Regarding Critical Illness Insurance?

We answer your most frequently asked questions.

Yes. Life insurance plans are flexible – you should check them once a year or after a significant life milestone (such as getting married, divorced, or having a baby) to check that you have the right level of cover for your current needs.

Reviewing your life insurance policy can check that you are not over or under-insuring yourself.

Yes. Too many people think that once they’ve signed up for a life plan, that’s it. The good news is that you can easily adjust your existing cover (perhaps changing your smoker status, changing your level of cover or changing your term length) as well as switching to a new plan entirely.
Life insurance providers understand that as your life changes, so will your insurance needs.

Ideally, you should have a life insurance annual review. Checking each year will make sure that you’ve always got the proper protection in place. But if that’s too much for you, reviewing your life insurance policy after a major life milestone (such as a marriage, divorce, job change, house move or family adjustment) is highly recommended.

Life changes and your needs do too. A policy that may have been ideal for you when you were 25 may not offer you the protection you need at 45. Life insurance providers understand this. That’s why they are flexible with their policies. You can adjust and change your policy so that it grows with you and your family.

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If you have any further questions about anything to do with Life Insurance and protection for your family, please feel free to contact our team of expert Life Insurance advisors.
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