life assurance switching?

UKSBD

I have had life assurance with friends life for about 20 years now.
I've never touched it just make the regular payments.

I know it's a good idea to regularly compare and switch car insurance, house insurance, etc. but is it also something you should do with life assurance?

Aretnap

Certainly no harm in comparing now and then - you might save something. However because the premium with life insurance is generally fixed for the term of the policy, rather than changed every year, the potential savings from chopping and changing regularly tend to be rather smaller. And if your health has got significantly worse in the intervening period (beyond just not being as young and vibrant as you were 20 years ago) you'll almost certainly find that a new policy will be more expensive than the old one.

Certainly do not cancel the old policy until you actually have a new one in place, ie the new insurer has completed its checks on your medical history, not just given you a provisional quote online.