Aviva, Royal, Scottish Widows, Legal and General, Friends Provident - it doesn't matter who your insurer is but, subject to a couple of pretty straightforward rules, if your life assurance or mortgage protection policy has been running for a few years, there are probably some substantial savings that you can make by comparing policies on the market now.

Bearing in mind the challenges we are all facing in making our incomes stretch further this really is a great way of cutting your outgoings. You could get the same, or even better cover at the same time as bring down your monthly payments.

Why reviewing life insurance arrangements can save you money

How can life insurance premiums fall after a review? Can they really cost less as you progress through a policy term? Well there are four main reasons:

1. You have already survived a part of the period insured, so the risks of you passing away are reduced as there is less time for that to happen in.

2. Life expectancies have probably grown longer since you took out the policy and therefore statistically you are less likely to die during the period you are insured for.

3. Premiums are falling as it's a more competitive market than it was a few years ago so competition has driven down costs.

4. If your policy covers a repayment mortgage the sum you are not looking to insure is less than it was when you took out your original cover.

Is reviewing Life Insurance really this simple?

Yes - with this type of cover there is not a massive difference in the features offered between companies (there are some such as terminal illness benefits and that is the reason MoneyMaxim always suggest you speak to a knowledgeable professional) but basically they are policies that pay a sum of money if you die. It's also important to consider whether the policy should be written in trust. This can ensure there are no delays in paying money to dependents, and also save a potentially substantial tax bill.

What savings can be made after a Life Insurance review?

We have seen some great savings for customers who have spoken to our life insurance partners and undertaken a review. The amounts do differ greatly though from customer to customer.

However, it only a few minutes to undertake a review, is a totally painless process, and can reap big rewards. Where it doesn't tend to, it's normally due to a customer's health having deteriorated since the original policy was taken out.

The additional advantage of using MoneyMaxim for your quotation is that you not only will be dealing with one of the leading life assurance providers who have arranged hundreds of thousands of policies for customers, but you will also be offered a a case manager who will ensure the whole process is a smooth one. We have decades of experience in managing insurance and assurance cases, so know exactly when things are starting to go awry and we need to step in. Fortunately with our life insurance partner that has never happened to date!

How to arrange a Life Insurance Review

Why not pop your details into our online life insurance and mortgage protection enquiry form - and see if you can save money today? Use the button at the top or the link below.

By doing so we can arrange an expert to talk through your options with you and open your eyes to the possibilities open to you.

It is a no obligation, fee free process so you really have noting to lose and everything to gain.

Our life assurance partner is LifeSearch one of the UK's largest life assurance brokers, who offer cover from a range of companies including Aegon, Aviva, AIG, Aviva, Bright Grey, British Friendly, Friends Life, Legal & General, LV=, Royal London, Pioneer, The Exeter, Vitality, Scottish Widows, Canada Life, MMS, Old Mutual Wealth, Scottish Provident, UNUM and Zurich. They are, like MoneyMaxim, regulated and authorised by the FCA, and offer a guarantee to give you the most competitive premium possible after they've found the right cover for you.

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This content was last reviewed on 18/04/2023