Trustpilot
Show More

Ask an Expert

How often should I update my life insurance policy?

If you have life insurance, then it’s important that it reflects your current requirements. As many policies run for decades if not longer, what you signed up for originally is unlikely to be suitable all the way through your term. Changes in your personal circumstances, health and relationships can all play into this, meaning that you need to make changes. But how often should you be reviewing your policy?

While there is no official time period, a generality rule of thumb is that you should take a look at your contract once every 12 months.

If your life hasn't changed dramatically in the last year, you might wonder whether you still need to do this. But even in these circumstances, it’s useful to remind yourself of what you covered, as the simple process of looking over your contract might remind you that certain alterations need to be made.

If significant changes have happened, you might want to review them earlier. These include:

  • Additions to your family such as children or grandchildren might mean you need to expand or change the beneficiaries

  • Changes in your income that might cause you to re-address the level of cover you have

  • Either paying off your mortgage early or re-mortgaging your house if your policy is designed to cover mortgage costs

Fortunately, making changes is a relatively painless process. Life insurance is very flexible, and as you are able to stop paying at any time, insurers generally have no problem making alterations to reflect your updated circumstances.

If you’re not sure how to go about this, get in touch with your insurer and find out from them what the best course of action is.

Related guides

Death in Service Benefit and Life Insurance

Death in service insurance is a crucial employee benefit that provides financial security to the loved ones of an employee if they pass away while employed by their company. Unlike a life insurance policy, this benefit is typically tied to an employee's role within a company and is often linked to the company pension scheme. It ensures that a tax-free lump sum is paid to the employee’s beneficiaries, providing financial stability in a difficult time.

How to Prepare for Your Own Death

Contemplating one's own mortality can be a challenging, emotionally charged experience. However, taking the time to thoughtfully prepare for the inevitable end of life can provide significant benefits for you and those you leave behind. Planning for your own passing not only offers a sense of control but also helps your loved ones cope better during an undoubtedly difficult time.This comprehensive guide will walk you through the key steps to ensure your affairs are in order before your death. We will cover essential aspects such as life insurance, wills, funeral preparations, and organising finances while also addressing any emotional considerations surrounding this sensitive subject.

Waiver of Premium Explained

Typically, if you miss a monthly premium with life insurance products, your policy will be cancelled. Then no matter how many years of diligent payments you’ve racked up, your family won’t be able to make a claim on it after your death.But insurers understand that difficult circumstances arise. They’re in the business of offering protection against the financial repercussions of trying times, including death and illness. And they’ve included a rider on some insurance policies - a waiver of premium - that allows you to miss monthly premium payments in the event of critical illness or serious injury and maintain your coverage. These provisions can ensure your insurance product is always there when you need it. In fact, you can think of a waiver of premium provision like an insurance policy on your ability to pay the premiums on your insurance policy.