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Can I change my life insurance policy?

Changing your life policy is possible and sometimes necessary to ensure you get the best service and payout value for your beneficiaries.


  • Life insurance market revenues in the UK are forecast to reach £40.3 billion this year.

  • There are currently 328 life insurance providers in the UK.

  • It's prudent to re-evaluate your policy and switch policies if necessary.

  • Consult an insurance broker to help you make the right policy and ensure sufficient coverage.

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How do life insurance policies work?

A life insurance policy offers monetary protection for your loved ones in the event of your death.

Here's how they work: 

  • You pay regular premiums to an insurance provider while you're alive.

  • In return, the insurer pays out a lump sum to your chosen beneficiaries when you die.

Life insurance premiums vary according to your age, health, gender, lifestyle, and desired coverage amount.

According to Insurance Hero, a healthy person in the UK will pay an average of £8 per month for every £100,000 worth of cover.

However, it's crucial to customise your life insurance policy to meet your needs and ensure your loved ones are protected.

Can you change life insurance providers?

You can change your life insurance provider, but it helps to compare providers and their terms before signing up with a new provider.

You might need to undergo a medical assessment when applying with a new life insurer.

On average, switching life insurance providers takes a few weeks to a couple of months, depending on various factors, such as underwriting and medical examinations.

To safeguard your coverage, it's essential to carefully review the terms and conditions of the new policy.

Why should I change life insurance providers?

People switch life insurance providers for various reasons, including seeking better rates or coverage, improved service, or more suitable policy features.

Major life changes, such as marriage, divorce, buying a home, the birth of a child, or the death of a loved one, could also prompt a reassessment of insurance needs.

Whatever your reason for changing providers, it helps to annually review and adjust your policy (if necessary) to maintain optimal coverage for your situation.

Even the best life insurance policies need reviewing from time to time to ensure they cover your current needs.

How often should I change my life insurance providers?

Although reviewing your life insurance policy annually may not be mandatory, it is prudent to do so whenever significant life events occur.

Major life events include getting married, having a child, or a change in your financial situation, which may require you to adjust your coverage.

It's advisable to review your policy every one to two years or after a significant life change to ensure your coverage meets your current needs.

However, switching life insurance providers based only on the passage of time may not be necessary.

The key is to remain vigilant and make changes when your financial goals or circumstances warrant them.

Can you have multiple life insurance policies?

It is possible to hold multiple life insurance policies.

Having multiple life insurance policies provides flexibility and additional coverage. People often choose this option if they have financial needs that a single policy cannot meet. 

However, disclosing any existing policies is vital when applying for new ones.

Insurers take into account the overall coverage amount to determine your eligibility.

If you have multiple life insurance policies, you must coordinate them to avoid being over-insured and ensure your beneficiaries receive the intended benefits.

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What are the advantages of changing my life insurance providers?

Switching life insurance providers can offer several benefits, including:

  • Cost savings.

  • Improved coverage and payout rates.

  • Better customer service.

  • Customised policies.

  • Bundled policies.

  • Advanced technology and accessibility.

Potential disadvantages to changing life insurance providers may include:

  • Underwriting challenges.

  • Switching costs or penalties.

  • Coverage gaps.

  • Lowered coverage or increased premiums due to new medical issues.

  • New policy complexity.

Before switching, you must assess your unique situation and determine whether it's the right choice.

How do I change life insurance providers?

Switching life insurance providers involves several steps to ensure a smooth transition while maintaining continuous coverage.

Below is an overview of the process.

  1. Assess your needs: Review your current life circumstances, financial goals, and any changes that may require adjusting your coverage.

  2. Research new providers: Explore different insurance providers to find one that offers the coverage, features, and customer service you desire. 

  3. Apply with the new provider: You must apply once you've chosen an insurance company. 

  4. Undergo underwriting: The new provider will assess your application, and they may require you to have a medical examination. 

  5. Receive approval and your new policy: You'll receive the updated policy terms if your application is approved. 

  6. Notify your existing provider: Inform your current insurance provider about your decision to switch. 

  7. Avoid gaps in coverage: Coordinate the start of your new policy with the cancellation of the old one to avoid any gaps in coverage.

  8. Address any fees: Be aware of any fees or penalties associated with cancelling your existing policy prematurely. 

  9. Update your beneficiary information: If there are any changes to beneficiaries or other details, update this information with the new provider to ensure accuracy.

  10. Monitor the transition: Follow the transition process, including cancelling your old policy and activating the new one. 

What are some alternatives to changing life insurance providers?

Instead of switching life insurance providers, consider these alternatives to meet your evolving needs:

  • Add policy riders such as critical illness or disability riders.

  • Adjust or increase your coverage.

  • Stack or convert policies.

  • Explore supplemental insurance.

  • Review your policies regularly.

  • Ask your provider if they can offer loyalty benefits.

Seek expert financial advice

Good life insurance policies will cover your financial needs after you’re gone, and sometimes, this means changing providers to get the best coverage.

It's wise to reassess your life insurance policy periodically or when you experience a life-changing event to ensure sufficient coverage.

Additionally, changing policies can offer you improved benefits and coverage.

If you wish to switch life insurance providers or need help assessing your existing coverage, seek the guidance of a registered financial adviser or insurance broker for expert financial advice.

Unbiased will match you with a financial expert who can ensure you have the most suitable insurance policies for your unique circumstances.

Get insurance advice
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About the author
Our team of writers, who have decades of experience writing about personal finance, including investing, retirement and pensions, are here to help you find out what you must know about life’s biggest financial decisions.