Should I Change My Insurance?


Your insurance policies are there to protect the most important things in your life. You already know that having the right type of insurance is going to give you peace of mind. So, it stands to reason that you should shop around to see if your current insurance is still the best fit for you. 

The UK insurance sector is the fourth largest across the globe, with investments in the region of £1.8 trillion and employing 300,000 people. Additionally, over 40 million UK adults have some form of general insurance, from buildings, contents, and combined home insurance policies to life insurance.

Why you should consider shopping around

Knowledge is power, and armed with the right information, you’re already one step ahead. It’s so easy to feel overwhelmed by the many products available, and with all things technology, the online space can add to the confusion. 

Having said that, it’s so important that you wholly understand your options and that your choices are right for your budget and circumstances. 

We’ve broken the general types of insurance down into bite-size chunks that are easy to digest. Remember, a great reason to switch policies is that you could be underinsured in your current policy. For example, your personal circumstances may have changed. Things like your health status, your employment, or if you now have children. It’s also worth knowing that newer policies could come with better coverage and support services, due to products and consumer demands changing over time.

Life insurance, also known as life assurance

Life insurance is a financial safety net for your loved ones in the event of your death. It can provide a lump sum or regular payments to your dependents, offering reassurance that they will be cared for if you are no longer able to provide support.

The payout amount is determined by your chosen coverage level, allowing you to specify the required sum and coverage duration. You can opt for a lump sum or guaranteed/reduced payments. Alternatively, you may choose monthly payments to cover specific expenses like mortgage, rent, bills, or credit commitments.

It’s important to consider how a life insurance payout may impact means-tested benefits for your dependents. Having life insurance provides peace of mind, especially if you have a young family, your partner relies on your income, a family member resides in a mortgaged property you support, you wish to cover funeral expenses, or you have substantial personal debt.

Critical illness

Critical illness cover is a type of insurance that pays out if you are diagnosed with specific medical conditions or injuries outlined in the policy, such as stroke, heart attack, cancer, multiple sclerosis, or total and permanent disability. It’s essential to note that critical illness cover is distinct from life insurance, although they are sometimes combined together.

This coverage provides a benefit upon diagnosis, and once the claim is settled, the policy ceases. The received benefit is flexible, allowing you to use it as needed – whether to ease financial pressures during treatment, settle debts, take time off work to be with a loved one, pursue innovative treatment, or create a memorable experience.

Some policies may offer smaller or partial payments for less severe conditions and, if chosen, provide a lump sum if one of your children is diagnosed with a specified condition.

Why consider critical illness insurance? Critical illnesses can strike unexpectedly; for instance, in the UK, someone is diagnosed with cancer every two minutes, and every five minutes, someone experiences a heart attack or stroke. Critical illness cover helps financially safeguard you and your family, providing relief during challenging times.

Consider exploring if:

  • You lack sufficient savings to rely on
  • State benefits are insufficient to replace your income in case of long-term sickness or disability
  • Your employer does not offer enhanced sick pay
  • There is a family history of serious illness
  • You want the ability to take time off to care for children diagnosed with a specified illness.

Income protection

Income protection cover, also called permanent health insurance, is a policy designed to provide financial support if you cannot work due to injury or illness. Typically lasting until retirement, death, or your return to work, it offers flexibility with short-term options available for one, two, or five years at a lower cost.

The coverage is linked to your gross earnings, usually ranging from 50-75% of your income, and the tax-free monthly benefit is paid upon a valid claim due to illness or injury.

When setting up the policy, you’ll determine a deferred period (4, 8, 13, 26, or 52 weeks) and specify the required benefit amount and duration, whether full-term or short-term.

Why consider income protection insurance? Having this coverage ensures peace of mind for you and your loved ones, offering financial security in the face of accidents or sickness. Income protection helps:

  • Provide a regular income during illness or injury
  • Meet financial obligations
  • Enhance overall financial security
  • Offer peace of mind and protection for your family
  • Access specialised support services
  • Focus on recovery without added financial stress

Redundancy cover

Redundancy cover is here to provide reassurance in case you face job loss. If you experience redundancy, managing mortgage payments and household expenses can be challenging. This coverage typically offers a monthly income, starting after four weeks, and extends up to a maximum of 12 months.

Home insurance

There are three main policies: buildings insurance (this protects the structure, fixtures, and fittings), contents insurance (this covers all your belongings, clothing, furniture, white goods, jewellery, electronics, etc.) or combined buildings and contents insurance. It is important to note that if you have a mortgage, buildings insurance is mandatory and will be a legal requirement by the lender.

You should also consider additional features, such as accidental damage to buildings, damage to contents, individual high-risk items, personal possessions away from the home, legal cover, and home emergencies.

There are a range of options and excesses that you can choose from. Need a quote?

Landlord’s insurance

Landlord’s insurance is a special type of coverage that’s crucial for those renting out their property. It gives peace of mind by safeguarding your home and belongings from potential loss or damage. Tailored for buy-to-let investors, this insurance offers coverage based on the number of bedrooms. You can also opt for additional protections like legal cover and rent arrears protection.

Find insurance with Choice Mortgages

At Choice Mortgages, our advisors have access to all insurance providers and provide unbiased, free advice. We will help you find the best insurance and help you safeguard the people you care most about. Call us at 01780 480600 for professional advice that won’t cost you a penny.  

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Choice Mortgages have provided me with a fantastic consultative service for over 10 years. I've had absolute peace of mind that everything related to my mortgage, home insurance, life insurance and critical illness insurance has been in hand. Nicki and the team have always given me informed guidance and I've had every confidence in their recommendations and products. A first-class service that I wouldn't hesitate to recommend.

A first-class service that I wouldn't hesitate to recommend.

Emma and her daughter