FAQs

Can I switch life insurance providers?

Summary: If you want to move from one life insurance provider to another, you can do so by cancelling your current policy. Once that’s done, you can take out a new policy with your new preferred provider. It’s not possible to transfer the same policy from one provider to another.

Why you might consider switching

A life insurance policy could potentially be set up to last decades, and a lot can change in that time. If your circumstances are radically different to when you first took out your policy, it’s natural you’d want to be sure you’re still getting a fair deal.

Even if you don’t want to switch right away, getting a fresh life insurance quote every few years gives you a clear picture of what options are available to you.

If, for example, you’ve quit smoking and taken up a healthier lifestyle; you could get better value for money from a new policy.

It’s easy to switch

Switching life insurance providers is nice and straightforward. First, contact your existing provider to let them know you want to cancel.

From there, they’ll give you an end date for your policy. You can then contact your new preferred provider and arrange the setup of your new policy.

Be sure your current policy will run until the point at which you’ve been accepted for your new one. This lets you avoid any period, even if it’s only a few days, for which you go without cover.

Things to consider before switching

If you want to remain covered during your switch, then you might want to wait to cancel your current policy until you have confirmation that your new policy is in place.

For a like for like comparison of your current life insurance policy, it’s worth checking your new policy includes everything that your current one does.

If your policy includes critical illness cover or child critical illness cover, double check the list of critical illnesses that are covered to make sure your new policy covers the same ones.

Your health might have changed as you get older, so this could increase the cost of your premiums.

Want to see how much cover would cost you with Beagle Street? Click here to get a quick quote.