Whatever the reason, before you consider replacing your current policy, there are some key things to consider. And of course, don’t forget to talk to us: we can identify whether a substantial change is needed, and recommend different options to suit your circumstances.

Not all policies are equal

Just because a policy has the same ‘name’ (e.g. Income Protection), it doesn’t mean that you will be covered for what you are currently covered for.

Different policies have different add-ons or covered events, and what one policy covers, another may not. This can result in cheaper premiums, but for a lower level of cover. As we said, it’s important to talk to us first: we can help you fully compare the two policies, to make sure you don’t have gaps in your cover.

Has your health changed?

If you already have cover, any health conditions that have developed since you took it out will be covered. However, changing providers means you’ll have to go through the whole underwriting process again – and those same health conditions may no longer be covered.

Remember: even a seemingly innocent visit to the doctor may indicate a more serious health issue, so make sure you know exactly what tests and checks you have had, and what they mean. Please don’t hesitate to get in touch with us: we will talk you through non-disclosure risks and the potential impact of your health conditions.

Can you wait?

Some policies have a ‘wait period’ before they start paying benefits. While it may not seem a long time, it can have serious implications if you seek treatment for, or are diagnosed with, a covered condition before the wait period has finished.

Check with us before changing policies, to see if a wait period will apply or whether it can be waived, if you had a similar policy.

Replacing Insurance policies can be risky, and you could find you have no cover just when you need it the most. So please talk to us first. If costs are the reason, for example, there may be ways of reducing the premium without replacing the policy.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current development or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek financial advice.

A full disclosure statement for each Insurance Link Adviser is available on request and free of charge.