Review Existing Cover
Checking if your current protection still meets your needs
Who this is for
- You took out life insurance or income protection years ago and haven't reviewed it since
- Your circumstances have changed (new mortgage, children, pay rise, health changes)
- You're not sure what your policy actually covers or whether it's good value
- You've been paying premiums for years but don't know if you're adequately protected
- You want an independent second opinion on policies arranged elsewhere
What this cover helps with
A policy review involves checking your existing cover against your current circumstances, identifying gaps or inefficiencies, and ensuring you're getting the right protection at a fair price.
Key outcomes:
- Clarity on what your existing policies actually cover and when they pay out
- Identification of gaps where you're underinsured or over-paying
- Assurance that your cover matches your current mortgage, income, and family needs
- Recommendations for improvements or replacements if better options exist
- Peace of mind that your protection is up to date and fit for purpose
Common cover types and options
Policy Document Review
I'll read through your existing policies to understand the terms, exclusions, sum assured, and when they expire. Many people don't fully understand what they've bought.
Needs Assessment
I'll compare your current cover to your present circumstances (mortgage, dependants, income) to identify whether you're adequately protected or have gaps.
Market Comparison
I'll check whether similar cover is now available at a better price, or whether newer policies offer better terms, features, or underwriting.
Top-Up or Replacement
If you're underinsured, you can add a second policy to top up your cover. If your existing policy is poor value or outdated, replacing it may be more effective.
Policy Consolidation
If you have multiple old policies, consolidating them into one modern policy can simplify management and sometimes reduce costs.
Trigger-Based Reviews
Reviews are especially important after life changes: marriage, children, house moves, remortgaging, pay rises, health changes, or approaching policy end dates.
Pros and considerations
Benefits
- Identifies gaps in cover before it's too late to fix them
- May reveal you're over-insured or paying for cover you no longer need
- Modern policies may offer better value or more comprehensive terms
- Ensures your family isn't left underprotected due to outdated cover
- Provides clarity and peace of mind about your financial protection
- No cost to review, and no obligation to make changes
Considerations
- Replacing old policies means new underwriting based on your current age and health
- If your health has declined, switching may result in higher premiums or exclusions
- Some older policies have features (like guaranteed insurability) that may be valuable
- There may be no better option available, meaning your existing cover is already optimal
- Reviewing multiple policies can be time-consuming if you have complex arrangements
What affects cost and acceptance
Several factors influence both the price of your cover and whether insurers will accept your application:
Insurers and options
I compare leading UK insurers to see if your existing cover is competitive. However, I'll always be honest if your current policy is already good value or has features worth keeping. My advice is independent and in your interest.
Important: Availability and suitability vary based on your individual circumstances, health, and requirements. I'll recommend what fits you best after understanding your specific situation.
Frequently asked questions
How often should I review my insurance?
Ideally every 3-5 years, or whenever you have a major life change: new mortgage, children, marriage, divorce, pay rise, health diagnosis, or approaching the end of a policy term.
Will reviewing my cover cost me anything?
No. I provide reviews at no charge. If changes are recommended and you choose to act on them, I'm paid commission by the insurer like any adviser. There's no obligation to proceed.
What if my health has worsened since I took out my policy?
This is a key consideration. If your health has declined, replacing your policy may result in higher premiums or exclusions. In that case, keeping your existing cover (and possibly topping it up) may be better than switching.
Can I keep my old policy and add new cover on top?
Yes. If you're underinsured but your existing policy is good value or has features worth keeping, you can add a second policy to top up your cover without cancelling the original.
What if I've been paying into a policy for years and now want to cancel?
Most protection policies have no cash-in value, so you won't get money back. However, if the policy no longer meets your needs or is poor value, it may still be worth cancelling to free up budget for better cover.
How do I know if my existing cover is good or bad?
It depends on the sum assured, the policy terms, the premium, and how it compares to current market options. I'll review all of these factors and give you an honest assessment with clear recommendations.
What are common gaps people discover when reviewing cover?
Common issues include: cover that's too low for current mortgage or income, policies ending before retirement, no income protection or critical illness, joint policies that only pay once, and outdated definitions or exclusions.
What if I don't have my policy documents anymore?
Contact your insurer or original adviser to request copies. If you're not sure who your insurer is, check bank statements for direct debit payments, or I can help you trace lost policies.
Let's make sure you're covered properly
I'll search the whole market, explain your options in plain English, and help you make an informed decision. No pressure, no jargon.
Please note: The information on this page is for general guidance only and does not constitute personal advice. Your individual circumstances, health, and requirements will determine what cover is suitable and available to you.
The Right Broker Ltd is an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority. (FCA number 715860).