Life insurance is a form of financial protection that pays a tax-free lump sum to your family or beneficiaries in the event of your death, in exchange for monthly premiums.

The amount paid by the policy depends on the sum assured and the type of cover you have. You can choose between term life insurance, which pays a benefit if you die while the policy is in place, or a whole of life policy, which guarantees a payout on your death.

It is advisable to review your life insurance cover periodically, to ensure that it is still the best fit for you and that you are getting the best value for money. Compare Insurance can get you quotes from the five main life insurers in Ireland today.

Yes. You can switch to another life insurance provider. You will, however, need to complete a new life insurance application.

If your family situation or circumstances have changed over time, you should review your life insurance. Major life events may also mean that your old life insurance policy is no longer fit for purpose. Consider reviewing your life insurance cover when:

Life brings changes and the life insurance policy you may have set up some time ago may no longer offer you the best protection. There are several reasons why you may wish to switch life insurer:

Before switching, it is important to consider whether you can alter an existing life insurance policy. If you purchased a policy with a conversion option, you may be able to increase the cover amount, extend the policy term, or even convert a term life insurance policy into a whole of life policy without undergoing the underwriting process again.

It is also essential that you ensure that you are fully covered by a new life insurance policy before you cancel the old one.

First, review and have all of the important details and features of your current policy to hand so that you are comparing policies on a life for like basis.

Know your current life insurance cover amount, your monthly or annual premium, and the remaining term of the policy, as well as any cancellation fees, if applicable.

Check whether there are any add ons on the policy such as a conversion option, indexation, serious illness cover etc. You may or may not wish to keep these policy features for your new policy, depending on your requirements.

Shop around and get quotes from multiple life insurance providers, or use a comparison tool such as Compare Insurance, to see if there is better value to be found.

Check all the details of any new quote and don’t compare them solely on price, as you will need to compare additional details such as any conversion option or serious illness cover as well. It can help to speak with a qualified insurance advisor, such as at Compare Insurance, to make sure that your new policy is the best cover for your circumstances.

Beware also of switching from a life insurance policy with guaranteed premiums to a policy with reviewable premiums, even if it appears cheaper. Over time, these premiums could rise sharply making your life cover unaffordable

You will need to complete a new life insurance application and undergo the underwriting process again with any new life insurer.

Your current age, smoking status, and health will all be taken into account, and you may need to answer health questions, provide a GP report, or undergo a medical, depending on your age and health and the amount of cover that you require.

Realistically, if you have had a serious illness, such as cancer, heart attack, or stroke, since you first got life insurance, it may not be feasible to switch insurers as the premiums or loading you face may be high or you may be declined for life insurance cover.

If your life insurance policy is used as a mortgage protection, you may need to inform your lender. They may need to approve the new life insurance cover and ensure that it meets their requirements.

It is absolutely vital that you make sure that your new policy is fully in force before you cancel your old one.

Your cover will cease when you cancel your existing life insurance policy and, if there is a gap in cover, you will not be protected.

However, getting expert advice can mean that switching gives you the enhanced financial protection you need and also can save you money on your new life insurance policy.

Compare insurance can help you to navigate the process of switching. Complete our online assessment for a range of quotes from all 5 life insurance providers today, so that you can compare policies and their features and benefits.

Or you could avail of a free, unbiased consultation with a qualified insurance advisor to discuss your requirements and to get quotes for suitable and comparable life insurance products.

However, getting expert advice can mean that switching gives you the enhanced financial protection you need and also can save you money on your new life insurance policy.

Compare insurance can help you to navigate the process of switching. Complete our online assessment for a range of quotes from all 5 life insurance providers today, so that you can compare policies and their features and benefits.

Or you could avail of a free, unbiased consultation with a qualified insurance advisor to discuss your requirements and to get quotes for suitable and comparable life insurance products.