Changing your life insurance policy

The simple answer is yes, you can change your life insurance policy. Life insurance is designed to pay your loved ones a lump sum if you die during the term of the policy. People’s circumstances tend to change over time, so it makes sense that you might want to adapt your policy at some point. 

There are two main ways to do this:

• Make a change to your current policy. For example, you might want to increase the amount of cover you need, change a beneficiary or extend the term. This tends to be the simplest option, as you normally won’t need any more underwriting. However, it’s worth checking that you’re getting the best deal with your current life insurance provider. 
• Get a new policy from another provider. You can either cancel your current policy or set up a new one to run alongside it, as you can have more than one life insurance policy at the same time. But there’s no point in being overinsured and paying too much for your cover. And never cancel your current life policy until you get a new one in place. 
  

There are lots of reasons you might want to change your life insurance, particularly if your circumstances have changed. It’s a good idea to review your cover to check it still meets your needs every year or two. 

It’s also sensible to check your policy if there’s a big change in your life, for example you get married or divorced, have or adopt children, or buy a new home. Or if your children have grown up, left home and are now financially independent. 

Another reason to review your policy is if your financial situation has changed. You might have a bigger mortgage now, have paid off your debts, or have a lower or higher income. All of these things can affect the amount and type of life insurance you need. You might need cheaper life insurance premiums, or a shorter or longer term. 

Making a change to your current policy is generally the simplest option when it comes to making a change. You may not need to go through medical underwriting again, but this can vary. It also avoids any admin fees that you might have to pay to cancel your policy. 

The changes you can make also depend on the type of life insurance policy you have and its terms. But here are some of the things you might be able to adjust on your existing policy:

• Increase or reduce your cover amount (the sum of money that will be paid out)
• Extend or shorten the policy term (the length of time your policy will be active)
• Change your beneficiaries (the person or people who you want to receive the payout)
• Add or remove extra features like critical illness cover or waiver of premium 
• Swap from a joint-life policy to single policies

Check your policy documents or speak to your provider to find out if you can make the changes you want. If you have a guaranteed insurability option on your life insurance policy, you’ll be able to make these changes shortly after certain life events. 

What’s a guaranteed insurability option?

Many life insurance policies include something called a guaranteed insurability option (GIO) as an extra benefit. This lets you increase your payout amount shortly after certain life events without needing any further medical underwriting. 

So if your circumstances change, you can get more cover without worrying about new medical checks. As we get older, health issues become more common, so this can be a valuable benefit. 

The life events the GIO covers varies between providers, but it often includes things like:

• Having or adopting children
• Getting married or entering into a civil partnership
• A mortgage or rent increase
• A salary increase

Most providers have a timeframe for using the GIO to increase your cover, for example three months after the event. There is also usually an age limit on when you can use a GIO.

There are certain situations when it’s a good idea to switch your life insurance. For example, if you find a really good life insurance deal that’s much cheaper than your current option. Or if you want more comprehensive cover or extra benefits that your current insurer doesn’t offer. 

Another reason could be that you want to change the type of policy you have. For example, you might have term insurance and want to swap it for a whole of life insurance policy, or the other way round. Term insurance lasts a specific length of time, called the term. Whole of life, on the other hand, offers lifelong protection. 

Remember, it’s always possible to have several different life insurance policies if that’s what works best for you. You don’t need to cancel one to take out another.

What to think about before switching life insurance companies?  

When you’re thinking about changing your life insurance policy and swapping to a new insurer, there’s a lot to consider. Your age and your health, in particular, are two factors that you’ll need to take into account when you’re thinking about switching life insurance. 

Obviously you’ll be older than when you took out your current policy. And it’s generally the case that the older you are, the higher the cost of life insurance is likely to be. 

You’ll also need to go through medical checks again. So if you’ve been diagnosed with a new health condition in the meantime, your premiums may go up even more. 

Here’s what to do if you’re thinking about switching your life insurance provider:

Step 1: Review your current plan to see if it meets your needs and what you’d want to be different. Check if there might be any fees associated with cancelling your policy. 

Step 2: Compare alternative life insurance providers. Which one gives the cover and features that you’re looking for? Check that the new insurer is registered with the Financial Services Compensation Scheme (FSCS), so if it fails and can’t pay your claim, the FSCS should pay compensation. Consider using an insurance broker or financial adviser to help you.     

Step 3: Apply for a new life insurance policy. You’ll need to go through underwriting again, and may need to have some medical checks. Make sure you’re happy with the terms and the cost of your new life insurance policy. 

Step 4: If you're approved, you’ll receive your policy documents and your new policy will start.  

Step 5: Cancel your old policy (unless you want to keep it alongside your new one). It’s crucial you don’t do this until your new life cover is set up. You don’t want a gap in cover where you have nothing in place if the worst were to happen. 

Check out our review of the best life insurance providers in 2026

Consult a specialist

There’s a lot to think about and many factors to consider if you are looking to switch life insurance, so before you sign on the dotted line, it’s always a good idea to get professional advice. Life insurance brokers can help make sure the policy you choose is right for you – and that your family will be looked after if the worst happens.

There are a few times when it might not be such a good idea to swap life insurance providers. For example:

• If you’ve been lucky and snagged a policy with particularly great terms or benefits, you might want to keep hold of it. 
• If your health has got worse over the years, you might find premiums for a new life policy are much more expensive.  
• If you’re of a certain age, as some providers and policies have an age limit on when you can take out new life cover.  

Should you review your life insurance regularly? 

Life insurance is all about peace of mind for you and your loved ones that they’ll be looked after financially if you die. This means that regularly reviewing your life insurance is always a sensible idea. 

Life never stays the same, so you don’t want to get caught out being underinsured. And no one wants to pay more than they have to, either. Every so often, take a little time to run through your circumstances and your policy to make sure everything’s in good shape. 

How a life insurance broker or financial adviser can help 

Choosing the right life insurance can be tricky, especially if you don’t know much about it. It’s not easy to work out how much life cover you need and the type of policy that might be best for you. A life insurance broker or financial adviser can be invaluable when it comes to choosing, or changing, your life insurance policies. 

Around 26% of people in the UK use a professional advisor or broker to choose their life insurance policy, according to the Financial Conduct Authority (FCA). With expert knowledge of the market, providers, policies and underwriting, they can help make sure your cover works for you and your loved ones. 

Particularly if your circumstances are in any way complex, for example if you have a medical condition or a complicated family set-up, you’d probably find it valuable to use a broker or financial adviser.