Changing a Life Insurance Policy

Few of us enjoy the admin associated with changing providers, whether it’s a bank account, mobile phone company or utilities like gas and electricity. But changing your life insurance policy could be easier than you think and can be beneficial in the long run.

So if you’re considering whether to switch but you’re not quite sure, read our expert guide on changing a life insurance policy.

Can I switch life insurance companies?

Anyone is entitled to change their life insurance provider at any time, though of course there is no guarantee that your new application would be accepted by a new provider. As such, you’ll want to ensure that changing your life insurance policy is right for you, and make sure you've got your new policy set up before cancelling your existing one. If you're sure you want to proceed with changing life insurance provider, you can choose to either take out a new ‘top-up’ policy with another company, or replace your existing policy altogether.

Why should I change life insurance policies?

While ‘sticking with what we know’ sometimes feels like the safe option, here’s why applying for a new life insurance policy could be beneficial:

  • Save money – You could potentially save by shopping around for the best deal and getting quotes from different insurance providers.
  • Increase your cover – If your circumstances have changed and you’ve become a parent or earned a promotion, for example, your current policy may not give you the cover you need.
  • Single life insurance – If you have a partner, you may prefer to take out two single life insurance policies which would each pay out if the insured person were to die and a valid claim was made.
  • Joint life insurance – You may alternatively wish to apply for a joint life insurance policy which would normally pay out on the death of the first insured person, instead of two single policies. This could be for you if you have the same protection needs as your partner; for example, to cover a joint liability such as a loan or mortgage. For more information, read our guide on the differences between single and joint life insurance .

How to change or rearrange your life insurance to another company

If you choose to switch life insurance companies, you will need to apply for cover. The provider will assess your application and decide whether they can offer a policy, and on what terms. Depending on the details you provide, the provider may want further medical information before they offer you a policy, though sometimes you can get life insurance with no medical.

Of course, changing or cancelling a life insurance policy isn’t the only option. As we’ve covered, you could consider keeping your existing policy and ‘top it up’ with a new one. Your current insurer may also be able to amend your policy to reflect changing circumstances.

Remember that the terms of any new policy are set by the provider and will be based on what’s covered, as well as your age, health and circumstances at the time. So in some cases, it’s better to simply amend an existing policy where possible.

Things to remember when you change life insurance policy

You’ll need to do your homework when switching life insurance companies. Here are some key things to remember:

  • Check that any new insurer is registered with the Financial Services Compensation Scheme (FSCS) so that if the company fails and cannot pay claims against it, the FSCS could step in to pay compensation.
  • Life insurance is generally cheaper when you’re younger, so changing your life insurance could lead to higher premiums than your original policy. This is because you’ll be older, and more prone to health risks. If your health status has changed, it’s not guaranteed that you will be offered a new policy.
  • Remember, don’t cancel your existing life insurance policy before the new one is in place as your cover will end when you cancel and you will be left without any insurance in place.

Can you change an existing life insurance policy?

Life is full of surprises, and there may be circumstances where you’ll want to increase your cover or make changes to an existing life insurance policy, rather than take out a new one or change providers. With Legal & General you may be eligible to increase your cover without the need for any further medical information on certain specified life events, such as:

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Terms and conditions apply and you should read your policy booklet for further information.

Can I increase the length of my life insurance cover?

Yes, as a Legal & General policyholder you can also ask to make other changes such as the length of your life insurance policy. For example, if you’ve bought a property or re-mortgaged, you may wish to extend your life insurance term to cover the period of your mortgage repayments. Read more about getting life insurance for a mortgage. Terms and conditions apply. Remember that these changes could affect the premiums that you pay, and we would have to assess any change request based on your circumstances at the time. Learn more about making changes to your life insurance policy.

Can I change my life insurance beneficiary?

If you write your life insurance policy in trust, there are some circumstances where the beneficiaries can be changed. For example, if you set up a Discretionary Trust, This gives your trustees the power of discretion about what beneficiaries can be paid the lump sum or who can benefit from the lump sum. But if you establish an Absolute/Bare Trust , the named beneficiaries cannot be changed. Read more about changing beneficiaries in our guide to putting life insurance in trust.

What other changes can I make to my life insurance?

There are a number of additional changes you can make to your life insurance policy. For example, you can ask to remove a name from a joint life insurance policy, or change how you pay your premiums (monthly or annually). Terms and conditions apply. Remember that these changes could affect the premiums that you pay, and we would have to assess any change request based on your circumstances at the time. Learn more about making changes to your life insurance policy.

Switch to Legal & General

Legal & General provides comprehensive life insurance cover from just £5 a month. And while we appreciate it sometimes feels easier to stay with your current provider, switching your life insurance could give you the financial protection that you need.

Our life insurance comes with guaranteed premiums (unless you make changes to the policy) and the peace of mind in knowing that you’ll be covered if you die or are diagnosed with a terminal illness (life expectancy less than 12 months) during the length of the policy. We also include a number of additional benefits at no extra cost, like making changes to your policy, for extra peace of mind. Terms and conditions apply.

We offer a simple application process online or over the telephone and can give you an immediate decision. Alternatively, try our life insurance calculator to work out how much cover you need.