Why Should I Review my Life Insurance?
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?
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.
Do I Have to Pay a Fee
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: