Life changes that call for a fresh look
Life insurance is often set up once and then forgotten. Your life moves on, and a policy that fitted perfectly five years ago may now leave gaps. A bigger mortgage, an extra child or a change in income can all mean your family needs more support than your policy provides.
Your needs may also have shrunk. If you have paid down the mortgage or your children have grown up, you could be paying for more cover than you need. Trimming the amount or ending one of several policies could free up money for something that fits your life today, such as income protection.
- Moving home or remortgaging
- Having a baby or adopting
- Getting married, separating or divorcing
- Changing jobs or becoming self-employed
- A significant pay rise or drop in income
- Stopping smoking
What to check on the policy you hold
Find your policy documents and look at the basics. Note the amount of cover, the end date, whether the cover is level or decreasing, and whether the premiums are guaranteed or reviewable. Check who will receive the money and whether the policy is written in trust.
Then compare those details with your life today. Would the payout clear your current mortgage? Does the term last until your youngest child is independent? If you have separated, does the policy still pay out to the right person?
When keeping your old policy is the right call
An existing policy was priced on your age and health when you took it out. If your health has changed since, a new policy could cost more or come with exclusions. In that case, keeping the old cover and adding a top-up policy alongside it may work better than replacing it.
Older policies can also have features you would not get today, or definitions you would want to keep. Before cancelling, make sure you understand what you would give up. Look for options such as increasing cover without fresh medical questions, a guaranteed premium or a conversion right, because a new policy might not include them.
When replacing or topping up makes sense
If you have quit smoking, lost weight or seen a health condition improve, a new policy could cost less or offer better terms. Policies have also changed over time, and a newer critical illness policy may cover more conditions or include better partial payments than an older one.
A top-up policy can be a neat solution when you need more cover but want to keep what you have. For example, a new decreasing policy could cover a larger mortgage while your existing policy carries on protecting your family.
Keep your cover in place while you switch
If you decide to replace a policy, do not cancel it until the new one is in force and you have received confirmation from the new insurer. Applications can take weeks, and underwriting may lead to different terms than you expected. Cancelling too early could leave your family without protection.
Remember to set up a trust for the new policy as well. A trust you created for the old one does not carry across, so the new payout would fall into your estate unless you complete fresh trust paperwork. We handle that step with you as part of the switch.
How Hi Tomorrow reviews your cover
Send us your existing policy details and we will check them against your current needs. We look at the amount, term, policy type, trust and premiums, then tell you whether to keep, top up or replace your cover.
If a change makes sense, we compare the insurers on our panel and handle the application. We will not suggest switching unless it leaves you better off, and we make sure your old cover stays in place until the new one has started.