Insurance premiums can rise because of age, claims costs, policy features, inflation, and insurer pricing changes. That does not always mean your cover is wrong. It does mean it is worth taking a careful look before you cancel, reduce, or replace anything.
What to check first
- Whether your sum insured still fits your mortgage, income, dependants, and savings.
- Whether your excess, wait period, or benefit period could be adjusted sensibly.
- Whether you are paying for features you no longer need.
- Whether switching insurer could create new exclusions or stand-down periods.
When to be careful
Be cautious about cancelling existing cover if your health has changed, your income is harder to insure, or you have had claims or medical investigations. A lower premium is only useful if the replacement cover still works when you need it.
When a review can help
A review can be especially useful after a mortgage change, a new child, a pay rise, becoming self-employed, premiums increasing, or simply not checking your policy for a few years.
Want a quick sense check?
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