Search links:

Can I switch life insurance providers?

Yes, you can switch life insurance providers at any point if you need to.

This usually means cancelling your existing policy and taking out a completely new policy with a different insurer.

Many people consider doing this to secure better cover for their loved ones, or to save money on monthly premiums. 

However, switching life insurance providers is not always the best option, so it’s important to do some research before deciding.

For example, you might be able to get the cover you need by simply making changes to your existing policy or taking out a different type of policy with the same insurer.

Continue reading this guide to learn more about how switching life insurance works, when it makes sense and what to consider before going ahead. 

Switching life insurance [key points]

  • Switching life insurance providers can help you to find a more suitable policy
  • It’s important to check if your existing policy could be changed to suit your needs before switching as this could help you save time and money
  • Taking out a new policy with a different insurer means starting the application process again and having to answer another questionnaire. It’s not possible to transfer medical details over.
  • Don’t leave yourself uninsured. It’s possible to have more than one policy in place, allowing you to start a new policy before cancelling your old one
  • Regularly reviewing your life insurance can be a good idea to ensure that your cover is kept up to date with your evolving lifestyle and financial needs
  • Compare life insurance providers through The Insurance Expert to see if we can help you find a better deal
Compare Life Insurance Quotes »

Reasons to change life insurance

There are various reasons why you may want to change your life insurance or switch to a new life insurance provider.

Changes to your financial situation

Certain life events can change your financial commitments and affect your life insurance needs. For example, you may want to take out new cover due to:

  • Buying a new home. Getting a new mortgage is likely to prompt an increase in the amount of life insurance you need to ensure your family could pay off the mortgage if the worst happened to you
  • Getting married or having a baby. Having financial dependents that you didn’t have before means it’s time to reassess the cover you have in place to ensure your loved ones are protected should the worst happen
  • Going through a separation or divorce. You may be looking to cancel a joint policy with a previous partner and take out a new single policy just to cover you
  • Getting a promotion. An increase in your earnings could mean that you’re able to afford a more expensive policy. You may need extra cover to match your higher salary and allow family to maintain their usual lifestyle if you passed away
  • Paying off your mortgage. You may want to remove unnecessary cover for a mortgage, if this debt is now paid off
  • Becoming an empty nester. Your children may have grown up and reached financial independence so you don’t need as much cover.

Paying off your mortgage

You may want to remove unnecessary cover for a mortgage, if this debt is now paid off.

Becoming an empty nester

Your children may have grown up and reached financial independence so you don’t need as much cover.