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Why Should I Review my Life Insurance?

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Sometimes it might be unclear exactly why you should review your life insurance policy. We often hear people say “I have already got life insurance, why should I look at changing?” The key reason is that many things change in life. It could be your occupation and salary, personal circumstances or the status of a medical condition you have.

Changes in your lifestyle can impact the amount of life insurance you might need. Subsequently, it could also change the price that you pay every month.

It could mean that your premiums become lower. For example if you have life insurance for High BMI and have succeeded in losing weight. However, a change in circumstance could mean that you need to look at paying more for your insurance policy because it is not up to date. If your medical conditions are not declared on your policy, you could find there are issues if your family needs to claim.


What Circumstances Might Call for a Life Insurance Review?

There are a number of circumstances where you might want to review your life insurance policy and either take out a new one, or update the one you currently pay for. At The Insurance Surgery, we can search the whole of the market to ensure you are paying the best premium possible for your circumstance.

Some examples of times when reviewing your life insurance should be on your to-do list are below:

A new house usually means a new mortgage or an extension/decrease on your current mortgage. Subsequently you might need to increase your life insurance to cover the mortgage should the worst happen. On the flip side, you may also be able to decrease your life insurance in line with your mortgage reducing (and thus saving you money every month).

When children come along, people look to add to their life insurance to allow them to leave enough money behind for life events that they may no longer be around to see.

Many people like to add to their policy to allow them to leave their children a lump sum on top of their mortgage protection. Some like to leave enough for a deposit on a house. Other people like to leave enough for them to purchase a new car, University fees or their wedding. A lot of our customers have just had their first or second child, and come to us to add that onto their current protection.

Unfortunately, divorce can mean the need for a life insurance review. If new houses (and therefore mortgage changes) are needed, then it’s likely your life insurance will need reviewing. On top of this, you may have had a joint life insurance policy before, in which case you may want this to be reviewed so that you can take out new, separate policies.

Sometimes a new job can mean a chance to review your finances. This is particularly relevant if you have a change of occupation and need cover if your occupation is classed as dangerous. It is also relevant if your income increases or decreases with the nature of your new job role.

A new job could work two ways for your life insurance policy:

  • An increase in the amount you are paid: More cover for the family, perhaps additional products like critical illness, income protection or private medical insurance.
  • A decrease in the amount you are paid: You might want to reduce your monthly payments on your current life insurance to save money.

It gets to a time in life when people start to think about their estate. It might be a case of putting a will together and deciding what they might want to leave behind for loved ones and who they would like money to go to.

Many customers look at a Whole of Life insurance policy for this. It can be used to cover 40% inheritance tax on the event of your death.

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Speak to us 0800 083 2829 Get a FREE Quote Today

If your circumstances haven’t changed since you last took out a policy or had a review, it is highly likely that you won’t need to make any changes to your current protection.

However, in 90% of our review conversations, there is always something that might have changed slightly. Any small change is a reason to consider reviewing your life insurance.

We recommend that you try to review your cover every couple of years if you can. During the review we can ensure you are happy with your life insurance costs and make sure we have the best possible price and protection for you.

The Insurance Surgery are specialists in helping people with pre-existing conditions. We know the best companies to get life insurance through for your specific condition. We complete life insurance reviews regularly so that you know you’re with the best provider.

In many instances people do find it difficult to get cover when they have a pre-existing condition. Over 70% of customers we approve have been declined elsewhere before coming to us.

On many occasions we find customers requesting a life insurance review with a pre-existing condition can get cover cheaper in today’s market. Underwriting can change for various reasons, so it is always worth checking.

There have been some huge developments in insurance underwriting around diabetes, HIV, post cancer, Crohn’s and many more conditions over the past 5 years or so. We have been very proud to be part of a movement that has fought for change in this space. We are confident that on most occasions we can save people money on their policy who have health conditions via a life insurance review.

Is It Easy to Switch?

It is very easy! It is a simple 3 step process that we can support you through.
This is the usual process that would need to be followed:

Request a review
via our quote form

One of our advisors will contact you to complete a full fact find of your new circumstances and search the market to find what options might be available for you.

You will be presented with the new options available to you.

If you are happy, we can start your new policy immediately and cancel your current policy on your behalf.

Alternatively, you can speak to your current provider and compare our quote with theirs and decide in your own time what you would like to do.

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Do I Have to Pay a Fee
to Switch?

No fee is payable at any part of the process. We are paid a commission by the insurer when you take a policy out. This is how we cover our costs and deliver you a completely free service.

We have many Life Insurance companies on our roster including all the big names such as Royal London, Aviva, Legal & General and British Friendly, as well as specialists in niche insurance products to cover all medical conditions. All providers are authorised and regulated and are experts in different types of life insurance, so we can find the perfect amount of cover for your personal circumstances.

Will a Review Take me Through Other Insurance Products?

Your advisor will take you through what other protection options are available to you and ensure you don’t have a gap in your protection needs. We are experts in financial services and can offer the following products alongside life insurance:

To review your life insurance policy today, fill in our quote form online or call us on 0800 083 2829 to speak with one of our expert advisors.
You will then be assigned an appointed representative who will take you through the whole process and make sure you’re 100% happy.

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