As your life circumstances change, your life insurance may need to be updated. You could amend your life cover with your current insurer, or switch by cancelling your insurance and looking for a better deal.
Before settling on a choice that matches your needs, there are some important things that you need to take into consideration. These include:
The most common reason for people to switch life insurance policies is when they enter a new life stage or change of lifestyle.
Other reasons include:
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Yes, is the short answer. There are a number of different reasons why you might need to do so. However, although you can have more than one life insurance policy on your own life, it can be an expensive way of giving yourself the cover you need.
If you can find a way of only having only one life insurance policy to look after all your needs, you should be able to finish up with the same amount of cover at a much lower cost.
An adviser can help you find cover from trusted life insurance brands.
Taking out multiple life insurance policies is perfectly acceptable and can actually provide increased peace of mind and protection for you and your loved ones. However, there are some things that you need to bear in mind if you are considering taking out multiple life insurance plans:
One of the main reasons people switch life insurance is to get a cheaper premium. Compare your current premium to the average cost of life insurance*.
| Amount Insured | 30-year-old | 40-year-old | 50-year-old | 60-year-old |
|---|---|---|---|---|
| $200,000 | $4.16 | $5.10 | $12.26 | $41.62 |
| $500,000 | $9.33 | $12.19 | $27.92 | $96.00 |
| $1,000,000 | $17.38 | $22.88 | $52.98 | $177.24 |
| Amount Insured | 30-year-old | 40-year-old | 50-year-old | 60-year-old |
|---|---|---|---|---|
| $200,000 | $3.20 | $4.01 | $9.38 | $26.76 |
| $500,000 | $6.85 | $9.48 | $21.19 | $61.51 |
| $1,000,000 | $12.65 | $17.69 | $40.08 | $116.34 |
*Average costs for a non-smoker with no medical conditions and earning a gross annual income of $80,000. Quotes researched as of March 2021.
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