Can I change my life insurance if my circumstances change?

We have just increased our mortgage, we have existing life insurance but this no longer covers the mortgage in full. Can we simply increase this cover or do I need to cancel it and set-up a new one?

Question asked by Andrew Thomas
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Answered by Andrew Jenkinson

Many thanks for your question, the answer to this will all depend on how flexible your existing life cover is.

Most insurers understand that our lives evolve and recognise that individuals tend to have life events (such as getting married, having children or moving to a bigger house) which will impact the level of protection we require. As a result many insurers include the ability to change your policy should you need to do so at a later date with Guaranteed Insurability Options (GIOs).

Reasons why the insurers would let you increase cover

In most cases, these options allow you to increase the level of cover following significant life events such as:

  • a marriage
  • buying a new home
  • increasing your mortgage
  • having / adopting a child.

We are whole of market independent experts who work closely with all of the leading insurance providers and can help you understand the flexibility of your existing plan and if necessary find a new insurer with the most flexibility or compatible GIOs for your future plans.

Get in contact

If you would like any further assistance please don’t hesitate to get in touch on 02084327333 or get started with an online life insurance quote now.

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This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
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