Existing-policy review
Review your life insurance without creating a cover gap
A lower premium can be attractive, but replacing a policy may also mean new underwriting, different exclusions or the loss of terms you cannot recover.
The safety rule
Do not cancel first and apply later
Keep existing cover in force while a replacement is assessed.
Only consider cancellation after suitable replacement cover has been accepted, the final terms have been reviewed, and you understand when the new cover starts. Personalised advice may be appropriate.
Purpose
What is each benefit meant to fund now? A mortgage, household support, education, final expenses or business obligations?
Amount
Has debt, income, family structure or available savings changed since the policy began?
Terms
What exclusions, loadings, special conditions, expiry ages, offsets and definitions apply?
Premium path
Is the premium stepped, level or blended? What has changed and what may change next?
Ownership and beneficiaries
Who owns the policy, who is insured, and who is expected to receive a claim payment?
Other cover
Include employer, bank, association and existing private cover—but do not assume every benefit will pay together.
Service and advice
Who services the policy and who is authorised to give advice about it?
A safer review sequence
Evidence before action
- 1
Collect
Current schedule, wording, premium notice and any adviser record.
- 2
Define
What the household needs now and the trade-offs if budget is tight.
- 3
Compare
Existing and proposed cover line-by-line, including exclusions and ownership.
- 4
Confirm
Acceptance, commencement, disclosures and cancellation timing in writing.
Questions for an adviser
Make the replacement comparison explicit
- Which existing benefits or definitions would I lose?
- What exclusions, loadings or stand-downs are in the proposed policy?
- Has every insurer decision been finalised, or is anything provisional?
- How do premiums compare on the same basis over the intended timeframe?
- What commission or replacement remuneration applies?
- What happens if I cancel or change my mind?
- Who owns the new policy, and is that ownership appropriate?
Review does not always mean switch
A sound outcome might be to keep the policy, change an amount, adjust optional benefits, update ownership, combine old and new cover, or replace it. The right answer depends on facts this website does not collect.
Understand premium structures