Can You Change Your Life Insurance Policy

There are all sorts of reasons you might want to change your life insurance policy. But can you do it? And, if so, how? Here’s everything you need to know.

There are all sorts of reasons you might want to change your life insurance policy. But can you do it? And, if so, how? Here’s everything you need to know.

Mubina Pirmohamed
Insurance expert
minute read
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Posted 14 OCTOBER 2021

Can I change my life insurance policy?

The short answer is yes. In fact, there are lots of situations where you might need to reassess your life insurance – for instance, if there’s a change in your personal circumstances or family situation. Many financial advisors go so far as to say you should review the terms of your life insurance policy every year.

How do I change my life insurance policy?

If you want to change your policy, the first step is to contact your insurance provider. It’s likely there’ll be some paperwork involved, but you won’t be the first person who’s ever done it, so your insurance provider will be able to talk you through the process.

When can I change my life insurance policy?

There are plenty of situations that might lead you to change your life-insurance policy. Some of these include:

To save money

By shopping around, you might find you can get a cheaper deal on your life insurance. It only takes a few minutes to get a quote, so it’s worth taking the time to check out your options.

A change of mortgage

Your life insurance policy is probably geared up to cover your mortgage if you’re not around to do so. But what happens if you move to a more expensive house, or take out a bigger mortgage to cover the cost of renovations? You may need more life insurance to cover the debt.

Alternatively, you might move to a cheaper house, leaving you with less to pay off, or you could become a homeowner for the first time. You may even be lucky enough to pay off your mortgage, meaning you don’t need as much cover as before. Whatever the situation, you’ll need to adjust your life insurance policy accordingly. For example, you could take a look at over 50s life insurance.

A change to your home life

It could be that your family situation changes. You might get married or divorced, have a new baby or grandchild, or lose a loved one. Whatever life throws at you, you’ll want to make sure your life-insurance policy is still ticking all the right boxes for you.

Changes to your personal finances

You may find that your financial situation changes, and you suddenly find yourself with a lot more – or less – money than you’d expected. Again, this could have a bearing on the level of cover you need.


It’s likely that your policy will adjust for inflation, but even so, the value of your cover could decrease over time. Again, it’s worth reviewing your policy every so often to make sure it’s still offering the protection you need.

Can I change the beneficiaries of my life-insurance policy?

Yes. It’s not uncommon to want to change the beneficiaries of a life insurance policy, particularly in the event of a divorce. If you call your insurance provider, they should be able to sort out the paperwork for you.

But watch out – it may be that you can’t change the beneficiary without their written consent. Obviously, in the case of a divorce, this could be awkward. So when you’re taking out a life insurance policy, think twice about naming what’s often referred to as an ‘irrevocable beneficiary’.

Frequently asked questions

What happens if I need to increase my life-insurance policy?

You’ll need to speak to your insurance provider, as there are usually a few options available to you. You could change your current policy, or top up your existing cover. Failing that, you might want to cancel your policy and find a new one that better meets your needs.

How often should I change my life- insurance policy?

You should change your life-insurance policy whenever your personal circumstances alter. This could be every year, or it could be every 10 years – it depends how eventful your life is! But it’s certainly worth sitting down every so often and taking stock of what’s different, whether that’s your finances or your family situation.

Can I switch life insurance companies?

You’re legally entitled to change life-insurance companies whenever you like. But, be warned, insurance providers don’t accept everybody for cover. You’ll need to shop around and research your options.

How can I switch my life insurance provider?

If you want to switch life insurance provider, you’ll need to apply and make sure you meet your new provider’s criteria. It’s likely that they’ll want to know all sorts of personal information about your age, lifestyle and medical history. They’ll then make an assessment based on that. If you’re over 50, you could consider the over-50s life-insurance, which offers cover without asking any medical questions.

What to consider:

When taking out new life insurance, there are a couple of things to remember:

  • The younger you are, the cheaper your life insurance will be. If you’re switching life insurance policies later in life, you may find the additional cost isn’t worth it.
  • Don’t cancel your old policy before your new one is in place, otherwise you’ll find there’s a gap in your cover.

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