1. With any existing life cover, you have already survived a part of the period insured, so the risks of you dying are reduced as there is less time remaining for that to happen. This opens up an opportunity to re-broke this cover and get you improved terms.

2. Life expectancies are continuing to increase all the time, which coupled with advancements in medical treatments, means statistically you are less likely to die during the period you are insured for.

3. Premiums are falling as it is a very competitive market and technology has helped drive down costs.

We recently undertook some research for one of our clients who had an existing decreasing term assurance to cover their mortgage. Their existing joint life plan was taken out 7 years ago and the sum assured had decreased to £150,000; the plan had another 18 years to run for a premium of £32.10 per month. One of the clients had also stopped smoking 4 years ago.

Our research showed that we could replace the existing decreasing cover for the same starting sum assured, with a term of 18 years for a premium of £20.15 per month, a saving of £143.40 per year.

Alternatively, as they have a young family, they were able to buy £181,757 level cover for their existing premium of £32.10 per month, meaning an additional £31,757 of life cover but more importantly, the sum assured will stay the same rather than continuing to decrease, providing much needed protection and peace of mind for the family.

If you would like one of our consultants to review your existing life cover plans to see if we can reduce the cost or increase the level of cover, then please contact a member of the team.