Guide to changing Life Insurance to fit your needs

Should you change your cover or switch providers?

Changing life insurance should be seen as something positive.

You look for the best cover for your car every year so why wouldn’t you look for the best cover for your life?

Life insurance doesn’t have to be difficult and we are always here to help navigate through the thousands of options to find you the best deal on the market to suit you.

We have decided to compile some of the reasons why you may want to switch, decrease, or even increase your current cover and how you would go on to do so.

Changing Life Insurance – Should I Switch?

Changing life insurance can sound like a daunting task. But it’s a good idea to regularly review your life insurance policy to make sure it still fits your needs.

Switching to a cheaper cover or a different provider could be the difference between affordable premiums and your current policy.

Here are some reasons why you may want to decrease your insurance or switch altogether.

Changing Life Insurance during your downsizing

Downsizing

 

You could have downsized recently and so your cover may be too much for your needs should you pass.

With a smaller mortgage and expenses, sometimes a large pay-out isn’t necessary, and it means bigger premiums.

If you are looking to switch to a smaller premium or even just look for alternative policies, give Freedom to Insure a call on 0203 092 1372 and we will quote you some of the best prices on the market free of charge!

Changing Life Insurance during your downsizing
Exercising to save on life insurance premiums
Exercising to save on life insurance premiums

Improved Health & Lifestyle

 

Your health could have improved since you set up your policy, so you’re looking to get cover that matches your new healthy lifestyle.

It’s no secret that healthier people get better premiums so why not look for a new policy?

A new policy after keeping a healthy routine for a sustained period of time would lower your premiums so why not check with your provider or call us on 0203 092 1372 to find the best quotes!

Change in finances while working from home, lower your premium.

Change in Finances

 

Another major reason to reassess your premium is due to a change in your finances.

You could be going through a hard time financially, or have decided to stop working, and you may be considering lowering your premiums.

If that’s the case, we at Freedom to Insure can always help you search for affordable plans to keep you covered for less.

Change in finances while working from home, lower your premium.
Elderly couple doing stretches in the park
Elderly couple doing stretches in the park

Joint Cover

 

Taking out joint life cover could save you on your monthly premium should you and your partner both be looking for insurance.

A joint policy divides costs between two people and allows for the pay-out to cover both people.

Should one of you pass unexpectedly, the insurer would pay-out a lump sum and the policy would end.

Woman walking with phone

Switch policy needs

 

Maybe you are looking to switch from your existing cover to a new policy.

Maybe you have decreasing term insurance now but want to switch to a level term life insurance policy to help plan for the future?

Whatever the case, there are plenty of different policies to suit everyone so do some research and find the best one that suits you, or call us on 0203 092 1372 and let us do the hard work for you!

Woman walking with phone
Happy couple

Looking for a better deal

 

Prices change. With the wide variety of providers, you are sure to drown in the enormous amount of information and prices that are available.

From marketing pennies per day to small amounts per month, all these statistics can sound different and be exactly the same!

How does 20p per day sound? Better than £5 per month? It may sound better but it isn’t.

Here at Freedom to Insure we keep things simple.

We look through the whole of the market and give you the best options for your needs; should that be a monthly premium or a customer incentive, we will offer the best choices based on your needs.

You may think you already have the best policy in place but why not give us a call and see if we can find a better deal than the one you have. It’s a free service and could save you hundreds in the long run!

Reason To Increase Life Insurance

Should you increase life insurance cover? That all depends on your current policy and needs.

Life keeps changing and so do our needs, from bigger families to expenses, our life insurance should match our lifestyle.

Most of the time, life insurance is taken out with fairly basic coverage at first due to our needs at that point in our lives.

Over time, we may need to seek an increased level of cover.

Increasing life insurance shouldn’t be thought of in a negative light or approached with a sense of dread, as it is just a tool we can use to protect others against the unknown.

Life insurance is suitable for virtually everyone, but it’s most crucial for those with families or other dependents, who may also have long-term financial commitments like mortgages.

Couple getting married

Marriage

 

Marriage often motivates us to plan our futures not only for ourselves but also for our family, and it can be the push you need to get life insurance for the first time.

Furthermore, Marriage enters us into a legal union where our lives and commitments become shared, whether we are saving for a holiday, a car, and so on, or contributing to deposits for a first-time property purchase.

We also share commitments such as childcare and finances in which responsibilities are of the utmost importance.

Life insurance protects these commitments if the unexpected were to happen or when one person is left to honour financial duties, e.g. a mortgage or any other debt.

If you’re planning to get married or have recently married, you should consider how this will affect your financial commitments.

It becomes essential to decide whether you need to increase your life insurance coverage to relieve any potential financial burden in case the worst does happen.

Typically, married couples who opt for a level term policy, may want to have a higher coverage going to the individual who has a higher salary.

Decreasing term policies can be taken out if you’re specifically trying to cover a joint mortgage, also known as mortgage protection insurance.

Couple getting married
First time home owner
First time home owner

Purchasing A House

 

Purchasing a house is, just like marriage, a crucial factor for taking out a new life insurance policy or increasing the existing plan. In the case of a joint mortgage, the co-signer will always be responsible for covering the mortgage if someone dies.

If you happen to be a cash buyer, life insurance could be the difference between supporting your family and their lifestyle and the unwanted downsizing of property and relocation should you no longer be around to provide for them.

Changing profession

Change of Profession

 

You have changed profession, which could be a great new challenge in your life! But this is also a great time to think about your life insurance and job security.

Although most job roles do not pose a high risk that warrants an increase in insurance, there are some roles that create a higher risk of injury.

So if you think you could be in one of these professions, it may be essential to increase your life insurance cover to support your loved ones should anything happen to you that would leave you unable to work.

Freedom to Insure offers critical illness cover for those who are working in high-risk professions where injuries may be more prevalent.

These policies provide cover if you suffer a critical injury or long-term incapacitating accident or disease. These policies can protect your family against the loss of income if you fall too ill to work for long-term periods.

Income protection insurance is another option that can pay a percentage of your wage when you’re unable to work due to injury or illness.

Changing profession
New parent walking with child
New parent walking with child

You’re A New Parent

 

Children will be at the forefront of your mind when considering life insurance.

Children mean that more individuals depend on you financially, and also that if you pass away the responsibility left unto your partner or spouse will be two-fold.

They will have to look after your child whilst also looking after your family finances in your absence.

Increasing the cover of a level term policy when you have children is essential.

Dependent in wheelchair and care giver

A Dependent Has Developed A Long-Term Condition

 

Life can often be unpredictable, and in the unfortunate event a family member or dependent develops a long-term medical condition, you may want to consider your life insurance plan.

How can your life insurance policy help those around you?

If those dependent on you financially where to outlive you, an increase in your life insurance plan could be a significant difference between getting the bills paid and being short on the medical care needed.

Dependent in wheelchair and care giver
Elderly parent and grandson at the park
Elderly parent and grandson at the park

You Have an Elderly Parent or Parents Who Depend on You

 

Later in life, ageing parents may move back in with their children, creating a financial commitment while caring for them.

In the unexpected case that you may no longer be here to take care of them, you should consider increasing your cover.

By increasing your life insurance coverage, you are helping to reduce the financial burden that would be placed upon your elderly parents to continue paying for their care when you are no longer an active contributor.

getting more money into savings

You’re Getting Paid More

 

If you have recently earned a pay-rise, promotion, or taken a new role with a larger income, you may need to consider an increase in your life insurance cover respectively to match your income.

In short, earning more can create more spending and increase the costs of your new lifestyle.

Maybe you have moved into a bigger house or started sending your child to a more prestigious school, any of these can all be costs that would become a burden should you unexpectedly pass.

By increasing your life insurance cover, you protect your family, estate, and bills from becoming too much to handle.

If you’ve come to enjoy more of the luxuries in life owing to your success, then this should reflect in changes to your life insurance coverage.

getting more money into savings
Getting a health check
Getting a health check

Your Health Has Changed

 

Our health fluctuates throughout our lives. But when a noticeable decrease in our well being becomes apparent, we must consider the future and potential financial burden that may come with any condition we may develop.

When health becomes an issue, you may begin thinking about increasing your life insurance cover to facilitate any impending stress on your family and dependants.

If your level term policy is coming to an end, then it might be time to consider over 50s cover if you’re approaching this age bracket.

Alternatively, you could renew your policy but with higher coverage.

Similarly, if your health has improved since you took out your existing cover, you may find that the prices have come down.

Couple talking at home

Your Partner Has Stopped Working

 

If you live with a spouse or partner then you may both contribute towards paying financial commitments such as a mortgage and household bills.

However, if your spouse or partner is made unemployed for any reason, or they stop work to care for your child or children, then you could increase life insurance cover to compensate for your lower financial yield as a couple in case you were to pass and the extra pay-out sum may be helpful during your loved one’s hard time.

Couple talking at home
Time to renew your life insurance
Time to renew your life insurance

It’s Time to Renew

 

So, you have been on a fixed-term policy that is soon to end?

Then this might be the perfect time to renew with a higher cover amount.

As we progress through life, our financial commitments generally increase, and as they do, it’s wise to increase life insurance to protect those who will be taking on the responsibility of your debts.

Generally, it is sensible to consider increasing the cover of any life insurance policy as your financial commitments grow, especially if you’re married or have any other legal union with a spouse or partner.

Dependants such as children and elderly parents are also a massive factor to consider when choosing a life insurance policy to fit your needs.

Small increases in your monthly payments could make a significant difference if the unexpected were to happen.

How do you increase life insurance?

man riding a rocket in the sky

It is much easier to increase your cover than you may realise.

The first step towards taking out any insurance policy should be to work out how much you can afford to pay monthly and how much total cover you need (the sum assured).

There are certain factors to always include when looking at cover amounts.

From big commitments such as mortgages to smaller amounts of money such as gifts for loved ones, all costs should be added together when taking out the right cover.

We decided to break these up to make it simpler to work out, here are our top 5 aspects to include in your sum assured.

Mortgage commitment for cover amount
Mortgage
Loans and credit
Loans
Family expenses and care
Expenses

Your mortgage is normally the biggest financial commitment. Your policy should cover this cost should you pass away.

Any loans or credit you have should also be taken care of by your cover.
These could severely impact your loved one’s livelihood if they were not able to pay for them.

Childcare can be expensive and the burden of providing financially will be enormous should it be left to a single parent.

Gifting money from cover to loved ones
Gifts
Florist arranging flowers for funeral
Funeral

When you pass, you may want to leave money as a gift for your loved ones and that should be factored in your life insurance cover.

Funerals are expensive and that cost should be covered by your policy to relieve the expense from your family and make sure your funeral wishes are met.

How do you increase life insurance?

man riding a rocket in the sky

It is much easier to increase your cover than you may realise.

The first step towards taking out any insurance policy should be to work out how much you can afford to pay monthly and how much total cover you need (the sum assured).

There are certain factors to always include when looking at cover amounts.

From big commitments such as mortgages to smaller amounts of money such as gifts for loved ones, all costs should be added together when taking out the right cover.

We decided to break these up to make it simpler to work out, here are our top 5 aspects to include in your sum assured.

Mortgage commitment for cover amount
Mortgage

Your mortgage is normally the biggest financial commitment. Your policy should cover this cost should you pass away.

Loans and credit
Loans

Any loans or credit you have should also be taken care of by your cover.
These could severely impact your loved one’s livelihood if they were not able to pay for them.

Family expenses and care
Expenses

Childcare can be expensive and the burden of providing financially will be enormous should it be left to a single parent.

Gifting money from cover to loved ones
Gifts

When you pass, you may want to leave money as a gift for your loved ones and that should be factored in your life insurance cover.

Florist arranging flowers for funeral

Funeral

Funerals are expensive and that cost should be covered by your policy to relieve the expense from your family and make sure your funeral wishes are met.

We will always try to find the most value for your money and with the help from our in-house experts, it’s much easier to find better deals than you may have on market comparison sites.

Better coverage could be cheaper and easier to obtain than you may expect.

Discover what insurance best fits your need by contacting us for a free quote on 0203 092 1372.

If you believe you fit into any of these situations and are thinking of switching from your current provider, get in contact with us or fill a quote form and we will shortly contact you with the best deals on the market.

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