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Life changes - and your protection should keep up. Whether you’ve bought your first home, moved somewhere bigger, started a family, changed jobs or seen your income grow, big milestones often mean your financial responsibilities have changed too. And when life moves on, it’s worth checking whether your protection still fits.
If you’re wondering “can I change life insurance companies?” the short answer is: yes, often you can.
Switching life insurance companies can sometimes help you find cover that better suits where you are now - whether that means more protection, better features, or a more competitive price.
At LifeSearch, we speak to people every day who are reviewing policies they took out years ago, simply because their circumstances look very different today. Protection isn’t something you set up once and forget about - it should evolve with you.
Why do people switch life insurance companies?
There are many reasons people decide to review their cover and consider switching providers.
For some, it’s about making sure their cover matches bigger commitments. If you’ve taken on a larger mortgage or more financial responsibilities, you may want to increase your life insurance or critical illness cover so the people who rely on you stay protected.
For others, it’s about protecting a growing income. If your salary has increased, your existing income protection might no longer reflect what you’d need if you couldn’t work.
Sometimes, it’s simply about value. If your policy is several years old, there may be newer options available with features that better suit your needs - or cover that costs less than you’re paying now.
And sometimes, it’s peace of mind. Life moves quickly, and reviewing your cover can help you feel confident that if the unexpected happens, you and your loved ones are still protected in the right way.
In many cases, yes - and it’s often the best place to start.
Before you think about switching providers, it’s worth checking what changes you can make to your current policy. Sometimes, your existing cover can be updated to better match your new circumstances, saving you time and keeping things simple.
Some insurers offer flexibility to increase your cover if your life has changed - for example, if you’ve had a pay rise, taken on a bigger mortgage, or welcomed a child into your family. This is often built into your policy as an option to make certain changes without starting from scratch.
Not every policy includes this, though, so it’s worth checking your documents or speaking to your insurer or adviser to understand what’s possible.
Life insurance works a little differently from things like car insurance because it’s designed to protect you over the long term - often for decades. When you first take out cover, your insurer looks at your health, lifestyle and personal circumstances to work out the right level of risk and the price you’ll pay.
If you want to increase your cover later on, your insurer may need to review that information again. In many cases, that means answering health questions and going through a new assessment.
If your current policy doesn’t offer that flexibility, it could be a good time to explore whether a different provider might suit you better.
What to consider before changing your protection plan
If your protection cover no longer matches your needs, you may be thinking about making a change.
Before making any changes, it’s worth thinking about:
Cost:
Protection cover usually gets more expensive as you get older, so a new policy could cost more than your current one.
Your health:
If your health has changed since taking out your policy, it may affect your ability to get cover or the price you’re offered.
What’s covered:
Newer policies aren’t always better. Cover levels, definitions and benefits can vary.
Switching carefully:
If you’re replacing your cover, make sure your new policy is active before cancelling your old one, so you’re not left unprotected.
Get fee-free advice
If your circumstances have changed or it’s been a while since you reviewed your cover, it could be worth checking whether your policy still fits your needs.
At LifeSearch, our advisers can help you understand your options, explain what to consider before making any changes, and support you in finding the right cover for where you are now. Get in touch today to find out more.
We’ll get to know you and your personal needs, to work out a plan of action - whether that's adjusting an existing policy with your current insurer or buying a new one.
Hannah HodgsonContent & Communications Manager
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