Changing Life Insurance

aaronoxf

Hi I would like some people advice on weather how easy it is to change life insurance and see if im actually getting a good deal or am I paying too much? I currently pay £26.33 a month for me and my partner, I would obviously like to reduce this. The problem is I have in the past, 24 years ago, had cancer of the eye, but it is all gone now but I think I still have to declare it.

Is there any way that I can reduce the payment and is it actually easy to change providers?

lisyloo

You can change pretty easily.
The disadvantages are that
1) You have to claim any pre-existing conditions. They might decide to exclude them so you might get less cover than you have currently.
2) As you are older (and therefore more risky), it won't necessarily be cheaper.

You need to make sure you get the same cover
e.g. you might have fixed premiums guaranteed never to rise.
An advisor should cover all these issues for you.

I don't know how much you are covered for or how much you expect to get it for, but I wouldn't say there is huge scope to reduce is from £26 for 2 adults.

aaronoxf

lisyloo wrote: »

You can change pretty easily.
The disadvantages are that
1) You have to claim any pre-existing conditions. They might decide to exclude them so you might get less cover than you have currently.
2) As you are older (and therefore more risky), it won't necessarily be cheaper.

You need to make sure you get the same cover
e.g. you might have fixed premiums guaranteed never to rise.
An advisor should cover all these issues for you.

I don't know how much you are covered for or how much you expect to get it for, but I wouldn't say there is huge scope to reduce is from £26 for 2 adults.

im 24 so it shouldnt be that much, I just hate paying for something,im, touch word, never going to use

_Andy_

Is the cover including critical illness cover?

lisyloo

im 24 so it shouldnt be that much

You are not just covering yourself for age 24.
If it's a 30 year policy then the premiums are set o cover you from age 24 to age 54.
But it's impossible to say whether it's a good deal, without knowing the term, the amount and whether it's level or decreasing.

Why have you got this? Is it for a mortgage?
Do either of you have "death in service" benefits at work?

Need more details.

BTW - when did you take it out? and was it through an advisor?
I'm asking that because some advisors "claw back" commission from you if you cancel within 24 months and they lose their commission.
If this is your situation you need to check their "terms of business letter" or any paperwork they gave you.

aaronoxf

Ive had it for two years and yes it was through an advisor. we have it because of our mortgage, we both havent got death in service benefits through work. think its just a standered cover, hence why I want to reduce it

lisyloo

I would go onto a site like moneysupermarket.com.
It will take about 5 minutes to get a variety of quotes, which will give you ball park figures..

Then you need to check with your advisor that they won't claw back any commission from you if you cancel (at this point they will probably offer to re-arrange your policy).

maddison-white

sounds like you probably have a basic decreasing term policy, the premium sounds about right and whilst you may get cheaper you need to make sure you get the same level of cover both in money terms and what is covered. Statistically you are more likely to have a critical illness, cover for this is a little expensive though.

to change providers will be easy but please talk to a reputable broker!!

I am a mortgage and insurance adviser and I am giving an opinion not advice, neither am I touting for business.

lisyloo

Hi maddison,

For my benefit and for aaron's can you please explain what advanatges a broker would offer over and above a comparison site (assuming we understand we need to check it's fixed premiums, same amount, same term, decreasing cover etc).
A disadvantage is the clawback scheme that some brokers have, so can you please tell me what the advantages are for a reasonably switched on person.
BTW - It's a genuine question not a trick one or "smart" comment.

Cheers