Life Assurance Policy question.

sva14

I have life cover for £200k - costs £17 but want to increase to £300K for 20 yrs.

The options I have are :-

1. Cancel cover and get New policy for £300k costs £23
2. Take out new policy for £100K, Keep old £200K going.

One thing that got me thinking about this, if say premiums are £23pm for £300K, £10pm for £100k and £17pm for £200k,

Would it be a good idea to have separate policies, say later in life when 50 yrs old I cannot afford the premiums or think I do not need to higher life cover I can cancel a Policy ro reduce cover and premiums? Or should I just have the £300K cover as like for like per month of £23 is cheaper?

medders2604

If I was you I would apply for the £300k cover but in the meantime keep your £200k cover going just in case there is a problem with the underwriting of your new policy.
Once the policy is accepted and as long as the cover is exactly the same I would go for the cheaper option. If you need to reduce your premiums at a later date for some reason I think companies will allow you to do this but obviously check with them before you change your cover.

sva14

Thanks, but would the premiums be higher say for e.g decide to change at age 45, the premiums are more the older you get?