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Should you review your life insurance policy?

With the UK deep into a cost-of-living crisis, many people are struggling with rising costs.

According to The Guardian, the price of basic items have risen notably with things such as pasta increasing by 60% and cooking oil and tea going up by 65%.

Understandably, you may wish to cut out additional expenses wherever possible to save at this time. Although life insurance is an extra expense currently, it could save your family from significant financial struggles further down the line.

It may surprise you to know that you have the potential to lower the cost of your policy by reviewing it with one of our experts. This means you can keep a great level of cover in place to protect your loved ones, while also reducing one of your monthly expenses.

With the cost of so many essential items going up, now is the perfect time to make sure you are paying the right price for your cover.

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Life insurance is the best safety net to have in place, to protect your family’s finances if you are no longer around to do this yourself.

If you have an existing policy in place, you may be wondering if you can keep this protection while still saving on your monthly bills.

A life insurance policy review can help you save on your policy costs. At a time where prices are rising all around us, it can be beneficial to save wherever we can.

Speak to our experts for advice on how to reduce your insurance premiums. A simple change such as adjusting your policy terms slightly can lead to big long-term savings.

Can you change your life insurance policy?

You may be surprised to learn that once you have a policy in place this is not fixed permanently. With many providers, you can alter an existing policy to better tailor it to your current financial situation.

You may have recently had a change in circumstances, such as in an increase in prices for big expenses (mortgage payments rising due to interest rate increases for example). A life insurance policy review can help you be certain you are not paying more than you need to.

Can I change my life insurance policy at any time?

You will be able to change your existing life insurance policy terms at any point with most providers and it can often be very cost effective to do so.

You may even choose to cancel your cover and take out a new policy with a different life insurance company offering better rates.

It can also be possible to access better pricing or more preferrable terms with your current insurer in many cases, so it is definitely worth asking that question.

How often should I review my life insurance policy?

We recommend reviewing your policy regularly, particularly at big moments in your life where you may need to adjust the level of life insurance cover you need. It is important to review your policy to ensure you are paying the best possible price.

This could include life events such as the birth of a child, a marriage, taking out a mortgage to buy a new home or a big change in financial responsibilities.

With the price of basic items in the UK rising, many are struggling to afford their bills meaning a life insurance policy review can be a good place to start when it comes to saving money every month.

Reasons for changing life insurance policy

There can be notable benefits to adjusting your life insurance policy and many reasons you may wish to do so. These include:

  • Having children
  • Getting married
  • Buying a home
  • Getting divorced or separating from a partner
  • A change in monthly income e.g. from a new job, lost job etc
  • Increase in other monthly costs
  • A change in finances meaning you are liable to pay more inheritance tax

All the above reasons mean a policy review could be a great idea. You may wish to:

  • Increase or decrease the amount of cover you have
  • Move your insurance policy e.g. moving a relevant life insurance policy to a new employer
  • Switch the type of policy you have (traditional life insurance, family life insurance, mortgage life insurance etc)
  • Changing from joint life insurance to a single policy after a separation/divorce
  • Move to a new provider with better pricing or terms
  • Add an additional policy e.g. critical illness cover or income protection (which will pay out with one lump sum or monthly payments if you are unable to work due to illness or injury)
  • Changing the term of your policy e.g. level term vs decreasing term
  • Changing who benefits from your policy pay out

Whatever the reason for changing your policy, we can help. Our team have over 20 years experience when it comes to life insurance.

We have helped thousands of people across the UK make sure they are paying the fairest price for their policy – and helped them switch their life insurance policies if they aren’t!

Useful resources

Citizen’s Advice – Get help with the cost of living

Gov.uk – Overall government support for the cost of living: factsheet

(Gov.uk) Local Government Association – Cost of living hub

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