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Changing your life assurance policy as your circumstances change

Life assurance is an essential tool that can help provide financial protection for your loved ones in the event of your death. However, as your needs and circumstances change over time, it's important to periodically review your policy and make any necessary adjustments.

    Review your policy regularly

    It’s important to review your life assurance policy on a regular basis, at least once a year, to ensure that it’s still suitable. Life events such as getting married, having children, buying a home, or starting a business can all affect your financial situation and may require you to adjust your coverage.

    Consider increasing your coverage

    If you’ve recently experienced a significant life event, such as the birth of a child or the purchase of a new home, you may need to increase your life assurance coverage to ensure that your loved ones are adequately protected. You can do this by contacting your life assurance provider or broker and requesting a review of your policy.

    During our reviews we’ve helped our clients understand how much coverage they need and assisted them in making changes to their policies.

    Consider decreasing your coverage

    On the other hand, if you’ve recently paid off your mortgage or your children have grown up and are now financially independent, you may no longer need as much life assurance coverage as you did before. In this case, you can consider reducing your coverage to save money on your premiums.

    Be sure to discuss this with your provider or broker first so they can help you determine how much coverage you still need to protect your loved ones.

    Add or remove beneficiaries

    If you’ve recently gotten married, divorced, or had a child, you’ll need to add or remove beneficiaries from your life assurance policy. Beneficiaries are the people who will receive the proceeds of your policy if you pass away, so it’s important to keep this information up to date.

    When taking out a life assurance policy we always advise our clients to take out the policy within a trust. This means that the proceeds are paid directly to the beneficiaries of the policy instead of the estate where it will be subject to inheritance tax.


    Making changes to your life assurance policy is an important part of managing your financial future and ensuring that your loved ones are protected in the event of your death. With careful planning and attention, you can ensure that your life assurance coverage continues to meet your needs throughout your life.

    Talk to our life assurance experts for advice on changing and managing your policy, with hundreds of happy customers, we’re confident we can help you find the right policies.

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