Changing Life Insurance Provider

westie666

People,

Sorry for the silly question, but do most people look for life insurance policies annually?

The reason I ask is because I am looking at getting my monthly bills down.

I have found a cheaper providor, but wondered if most people change provider like car insurance?

Rgds W666

dunstonh

Sorry for the silly question, but do most people look for life insurance policies annually?

Unlikely as prices generally increase as you get older. Plus life assurance costs have crept up a little over the last 4 years (following a period when they dropped significantly).

lisyloo

I have found a cheaper providor, but wondered if most people change provider like car insurance?

In general no.
I can think of 3 reasons why not.

1) The main one is that premiums stay fixed from when you take the policy (unlike car insurance). Taking a policy when you are older is pretty much a recipe for increasing the price.

2) If you have contracted any serious illnesses (like cancer) then these would probably be excluded on a new policy whereas an existing policy that was taken out before you were diagnosed would cover you. Obviously this is more cruicial for people that have been diagnosed with something serious and not really an issue if you are in good health.
If you have significantly improved your health e.g. given up heavy smoking then you may be able to improve your premium although on the whole being older is more expensive.

3) Some people (like me) have policies that work on old tax legislation (mine is actually via a pension policy so I get 40% tax relief). This loophole has now been closed so changing policies would cost me money.

westie666

But im only 22 and have had no illnesses since taking the cover last year.

Rgds W666

dunstonh

americaquote is breaching board rules and FSA rules. Well, he would be if he was a UK company.

However, the products he is offering arent even available to UK residents. reported as spam