MSE News: Stopped smoking? Save £100s on life insurance

This is not exactly "news" because it is not new.

In fact, even if you have not given up smoking or never smoked in the first place it is worth checking how much it would cost per month for a new policy over the balance of the term of the existing one provided you are still in good health as, contrary to popular belief, the cost will usually go DOWN not up.

However, there are a few things to bear in mind:

Make sure the cover is like for like - if it has Critical Illness cover in particular the definitions may change

Check that you have no "clawback" clause with your agreement with whoever sold you the old policy. This is a requirement for you to reimburse the adviser for any commission claimed back from them by the insurer (this could be up to four years after the policy started)

Do NOT cancel the old policy until the new one is actually in force (until it is, the new insurer can withdraw the offer if your health changes).

Make sure you replace any trust arrangements that covered the old policy and if there was none, consider whether you should have one (they can avoid inheritance tax and generally a policy under trust will pay a claim faster).