It may be some time since you purchased your life insurance policy and it may have been the best policy for your circumstances at the time.

However, as we move through life, things change and your policy may no longer be the best fit for your life insurance needs.

Avoid underinsurance and ensure that you are getting the best value for money by reviewing your life insurance cover.

Review your life insruance policy

Table of Content

Why should you review your life insurance?

There are several reasons to review your life insurance:

The insurance market is constantly evolving with new offerings and more specialised insurance products regularly coming on stream.

The policy that you set up a number of years ago may no longer be the best fit for you now and newer coverage options, pricing structures, and additional benefits may be available which could mean that you are paying more than you need to for your life insurance cover.

Of course it may be that any quote you get will be higher if it has been a number of years since you purchased your current policy as you will pay less for life insurance when you are younger. You may have to weigh your options carefully but it is always a good idea to review your cover to see if there is better value out there.

As your life changes, so too should your life insurance cover. Life changes such as:

  • Getting married or divorced.
  • Becoming a parent through birth or adoption or increasing your brood.
  • Family growing up and becoming independent.
  • Loved ones coming to rely on your income eg. elderly parents.
  • Getting a new job or promotion.
  • Buying or selling your home.
  • Increasing or paying off your debts.

Life changes bring major adjustments to how loved ones depend on your income, as well as your earnings and outgoings. If you get married, become a parent or have more children you may need to increase your cover amount. Conversely, if your children are older and financially independent then you may not need as much cover as you are currently paying for.

If you have a child with additional needs who may not be as independent as their siblings in the future or if you have another relative that relies on your income or on you for care, such as an elderly parent or a dependent sibling, then it is essential that your life insurance cover reflects this.

If you wish to maintain your family’s standard of living should you die and be unable to earn, you may need to review your life insurance cover amount, especially if your earnings have significantly increased over the years.

Taking on a bigger mortgage or taking on higher levels of debt, perhaps to renovate your existing home, may mean that you should consider increasing your level of life insurance cover in case you are not around to earn an income. You may also need to consider increasing the term of your life insurance if the new mortgage has a longer term.

If your health has changed since you purchased your life insurance policy, you may find that your need for cover has also changed or that you are overpaying for life insurance.

If you were formerly a smoker, for example, and have not smoked, vaped, or used nicotine replacement products for over 12 months then you may find that you are eligible for a lower life insurance premium.

If you had a health issue when you purchased your life insurance that has since resolved itself or you have been on a health kick and are no longer overweight, for example, then it may be worth checking if you are eligible for a lower premium for your life insurance.

You may wish to consider adding additional benefits to your life insurance policy, such as specified illness cover, a conversion option, or indexation and find that your current insurer does not offer you an affordable quote or these are not available with your current insurer.

In this instance it may be worth reviewing your life insurance cover, or switching to a new life insurance provider.

When should you review your life insurance?

Ideally you could review your life insurance annually, using our online form to get quotes easily and conveniently.

You will also need to review your life insurance cover if you are reaching the end of the term of an existing life insurance policy.

You should also consider reviewing your life insurance when you have a significant life change as you will want to ensure that your life insurance cover is the best fit for your new circumstances.

You may wish to adjust your cover amount, the term of your policy, or add additional benefits such as a conversion option, indexation, or serious illness cover to your policy as your life changes.

You may also wish to shop around and switch life insurance provider if you can get a better quote elsewhere. During the current cost of living crisis affordability is key and it may be that you can get better value for money by switching life insurance providers.

How to review your life insurance

First up, it is really important to be familiar with your current life insurance policy in terms of cover amount or sum assured, whether it is a term policy or whole of life policy, and any additional benefits in your policy. If it has been a number of years since you set up the policy you may not be aware of what life insurance cover you have. 

When you know what life insurance cover you already have, it is a really good idea to speak to a Qualified Financial Advisor to review your life insurance needs for your current circumstances and to get quotes from a number of insurers for comparison.

Talk to a life insurance expert

Compare Insurance has qualified insurance advisors who will review your current life insurance with you and offer you unbiased recommendations based on your current circumstances. Let our insight and expertise guide you through the various options available.

We work with the five life insurers operating in the Irish market today:

irish life
Zurich - Home Insurance
Aviva - Home Insurance

Fill in our online assessment or contact us today for a full assessment and review of your life insurance today and you can get the best cover for you at the best price.

Get the lowest premiums by comparing all the policies in the Irish market

Choose your insurance type, fill out the relevant assessment and speak to a central bank regulated insurance advisor