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Review your life cover

There are various reasons why reviewing your life cover regularly is a good idea. Major life events such as a marriage or birth of a child could mean your current policy doesn’t fit your needs anymore.

Most people don’t think to review their cover once it is in place. Reviewing your life insurance allows you to be certain your loved ones always have the right level of protection. You may even be able to save money on your policy, with help and advice from one of our life insurance experts.

More about LIFE INSURANCE.

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It is easy to fall into the trap of thinking that you don’t need to look at your life insurance again once you have bought it.

Life can be unpredictable and you likely aren’t in the exact same situation you were in when you originally bought your policy. There are lots of events that can happen in a person’s life which mean it is worth giving your life insurance policy a second look. You can choose to:

  • Increase or decrease the amount of cover (£s)
  • Adjust your policy term (how long you are covered for)
  • Change the type of policy (e.g. switch from mortgage life insurance to family life insurance)
  • Add or remove policy holders (usually following a marriage or divorce/separation)

Main reasons to review your life cover

It is important to review your existing life insurance policy to ensure your loved ones don’t end up in a difficult financial situation if you died. Following big life events you might find the amount of life insurance you have is too little (or too much) for the protection you need.

If you choose to update your life insurance, there are some great potential benefits to this. You can:

  • Make sure your policy matches your current needs
  • Benefit from lower prices if your health has improved
  • Reduce your cover amount (and monthly insurance premiums) if you don’t need as much cover now e.g. your children have left home
  • Increase your life insurance coverage to a higher amount if this is now more affordable for you

Getting married

If you have recently gotten married or your wedding is coming up, this is a good time to think about your life insurance. Marriage is a big commitment, combining both your lives and your financial responsibilities.

It is important to make sure you have the proper protection in place, in the event something happened to you or your partner. If you have a mortgage or family together (or are planning to), consider whether you would struggle financially if one of you was no longer there.

Many newlyweds choose to switch to a joint life insurance policy to protect both lives, but two single policies can work just as well. Which is the right option for you will come down to personal preference.

More about JOINT LIFE INSURANCE.

Having a child

Welcoming a new child into your family is an exciting time, but also one of the most important reasons to review your life cover.

If anything were to happen to you, you want to be sure your children have suitable financial support in place. The last thing you want is for your family to struggle with expenses such as funeral costs or mortgage payments during an already difficult time.

After the birth or adoption of a child, you could choose to:

More about LIFE INSURANCE FOR PARENTS.

Changing your mortgage or moving home

Mortgage life insurance (decreasing term) pays out a lump sum that should clear any debt remaining on your mortgage balance if you die. If you change your mortgage amount, remortgage or decide to move home, don’t forget you might also need to change your life cover.

Your mortgage life insurance will be tailored to the amount needed to cover your previous mortgage. If you don’t adjust your policy, you could end up with more cover than you need or falling short of the mortgage balance.

Getting divorced or separating

Divorce or separation is another major life event that will have a serious impact on you and your family. You will need to think about your future and also whether you need to make changes to legal arrangements and life insurance.

Luckily, some life insurance companies will allow you to split up a joint policy into two single policies without a need for more medical underwriting. It is definitely worth checking if this option is available before cancelling completely. Our insurance experts can look into this for you if you are unsure and will support you through this process.

You should also think about who you want to benefit from your life insurance policy now. Where this may have included your ex-partner before, it’s possible you want to change this.

A great way to specify exact wishes for your life insurance benefit is to write your policy into trust. This works as a (usually) free alternative to a will and is available with most insurance providers. A trust allows you to state who receives your life insurance pay out and can help to avoid inheritance tax (IHT) and probate.

Improvements to your health

If you have quit smoking, lost weight, or generally improved your lifestyle, you could now have access to policies and pricing that was previously unavailable.

If you have medical conditions, your pricing would have been based on your health when you applied. If for example you have diabetes and have improved your Hba1c readings, your provider may now be willing to offer cover at a lower price.

Other reasons to review your cover

Here a few more good reasons to think about adjusting your life insurance policy. This could be increasing or decreasing cover, changing the type of policy or even switching to a new insurer.

  • Your child or children have left home and are now financially independent
  • You have started a new business (business life insurance)
  • You have sold your business
  • You have switched job roles and now make more/less money
  • You have retired

Life insurance is a very flexible policy so you should always have some options available when reviewing your cover. The best thing to do first would be to speak to your current provider to see what they have on offer.

A lot of insurers will include Guaranteed Insurability in their policies. This will let you change your amount of cover easily following a big life event, without having to answer more medical questions.

Our insurance experts have years of expertise and can help you review and change your policy quicky and hassle free. With access to a panel of TOP UK INSURANCE PROVIDERS, we can assess pricing and policies across the market. This saves you the time of doing this yourself and we guarantee to find you the policy that suits you best at a fair price.

Useful resources

Statista – Life insurance industry in the United Kingdom (UK)

Finder.com – Life insurance statistics

ABI – UK Insurance & Long term savings: Key facts

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Is it worth paying for life insurance?

Yes, if you’ve got children or financial dependents then you should have life insurance to protect them if you die. Martin Lewis and the Financial Conduct Authority recommend that you take out life insurance to protect your family and your home. Generally, life insurance premiums start from as little as £5 per month and will be cheaper for younger adults.

Common myths about life insurance:

  • Life insurance won’t pay out (pays out 98% of claims)
  • People with medical conditions can’t have life insurance
  • Life insurance is expensive
  • Savings can be just as effective as life insurance
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Is life insurance worth it? - iam|INSURED

What is the average cost of life insurance per month?

Based on recent research carried out, the average cost of life insurance is approximately £38 per month and the average level of cover is £152,000. Life insurance premiums also vary dramatically from one insurance provider to another and you can reduce your monthly premiums by shopping around.

Fundamentally, life insurance premiums vary depending on your age, health and the amount of cover that you need, starting from as little as £5 per month. You can also get life insurance to protect your family and your home against financial loss if you die.

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iaminsured.co.uk

https://www.iaminsured.co.uk » guides

Average cost of life insurance - iam|INSURED

What does life insurance cover you for?

Life insurance is a monthly renewable ‘term insurance’ contract that pays out a cash lump sum or regular payments on death to your family or beneficiaries. Policies are most commonly used for family protection or mortgage protection for your loved ones if you die and your household income reduces, plus the additional issues of losing a parent or carer.

Traditional life insurance will not exclude any pre-existing medical conditions and will cover suicide after 12 or 24 months. You can also use life insurance for business protection purposes as well as tax-efficient business life insurance for directors or key people.

What are the disadvantages of life insurance?

The biggest and most common problem that consumers have with life insurance is the cost and the monthly premiums. This is the top reason for policy cancellations and why more people don’t take out life insurance to protect their family.

Another key disadvantage with life insurance is that it holds no investment value, nor can you cash it in. Life insurance works like any other traditional general insurance policy (e.g. car insurance, house insurance, pet insurance etc.), you pay a monthly premium and it will pay out in the event of a claim. Some people decide to use savings instead of taking out life insurance but you need to make sure that you have sufficient savings to cover the costs of death for your family.

Why do I need life insurance?

The fact is that nobody actually ‘needs’ life insurance, but it is strongly recommended that families and couples have cover to protect their loved ones in the event of death. Martin Lewis recommends life insurance and says “this is something that every parent, partner, or person with any other type of dependent needs to consider”.

Life insurance financially protects your loved ones if you die and pays out a cash lump sum to repay your mortgage, pay for school fees, replace lost income, and pay for regular outgoings. Mortgage life insurance is not linked to your mortgage debt so you can use it to pay off some or all of your mortgage.

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Our Mission: To provide easy access to fair pricing, affordable protection and the very best financial security to families and individuals. We are dedicated to offering comprehensive insurance solutions that safeguard the well-being of our policyholders. Guided by integrity, transparency, and a commitment to excellence, we strive to empower consumers and families to face the future with confidence. Our mission is not just about policies; it's about protecting dreams, ensuring legacies, and being a trusted partner on life's journey.

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