transferring life insurance policy

humey86

After searching comparisons sites I have found my life insurance policy is cheaper with a different provider. Is it as simple as going with the new supplier, they will contact my current supplier to cancel? Sorry if its a silly question but not sure how it works!

Sandtree

There is no concept of "transferring". You simply buy the new policy and you cancel the old one... or you can keep both if you want

Aretnap

It's very common to have more than one life insurance policy, so no the new provider will not cancel the old one for you - you might well not want them to, and they don't have the authority to do it on your behalf anyway.

So not cancel the old policy until you have confirmation that the new one had been accepted and is in force, just in case the new provider finds something in your medical records that they don't like, or something happens before the new one comes into effect.

Are you sure that the new policy offers the same cover as the current one? Life insurance gets more expensive as you get older, so it is unusual to find a better deal than you had already. Unless your current policy is very new of course, or you overpaid significantly in the first place. 

humey86

Thanks for the help. My current Policy with Aviva is increasing cover at around £18pm, quotes I have had through had a few at around £10pm for increasing cover for the same amount

Weighty1

humey86 said:

Thanks for the help. My current Policy with Aviva is increasing cover at around £18pm, quotes I have had through had a few at around £10pm for increasing cover for the same amount

How long have you had the existing plan in force for?
Are there any additional benefits on your existing Aviva policy, such as waiver of premium, Fracture Benefit or Global Treatment?
Are you certain that it's exactly the same type of cover that you are looking at?

dunstonh

humey86 said:

Thanks for the help. My current Policy with Aviva is increasing cover at around £18pm, quotes I have had through had a few at around £10pm for increasing cover for the same amount

The scale of the cost difference suggests there may be some coverage that is not like-for-like.       It's possible you bought the old one via an expensive distribution company and that is the reason (some of the legacy companies Aviva took over had expensive distribution channels - AXA's pricing for example was good via an IFA but often close to double in price if via their in-house sales team).