June 4, 2021


My Insurance is too expensive for me, what can I do other than cancel it?

We are confident that we have recommended the best policy for your circumstances. However, if your circumstances have changed, or your budget is tight, we can help to give you some breathing space.

But, remember, Some cover is ALWAYS better than no cover.

Are you are finding the impact of premiums increasingly tough on your monthly budget?

You are not alone, and many households are having to re-jig their monthly commitments in the current economic climate. Help is at hand though and there are many things we can do to help ease your financial worries without shifting the focus of your needs for the future.

1) We can look into removing any paid-for benefits which are an additional charge on top of your standard cover to reduce your monthly premium. E.g Global Treatment

2) Reducing the sum assured

3) Switch your policy from an increasing sum insured (index-linked) to level so that your payments are fixed

4) Recommend a Decreasing Term policy instead of Level Term for your mortgage (applicable for repayment mortgages only)

5) Reduce the term of your policy

6) Look into the possibility of a Level Term policy to replace a Whole of Life policy

7) Did your original policy have increased premiums due to your medical disclosures at the time? Have you given up smoking? We can review the market to ensure that you are receiving the best underwriting terms and the cheapest premium available

8) Are you a Company Director? We can look into arranging life insurance which is paid through your company, making your income more tax-efficient and saving you money?

Many people who take out new cover do so as a result of being “Cold Called”.

Our customer reviews on the Independent website Reviews.co.uk speak for themselves.

There are companies that promise cheaper premiums for ‘exactly’ the same or indeed ‘better’ cover, but these should be treated with caution and customer reviews should be researched on the internet so you know exactly who you are dealing with.

Naturally, we believe in giving the best advice and have a strong duty of care to all our clients.  We understand that sometimes the lure of a better offer is sometimes too good to refuse.

Make sure you are protected. Only Bona Fide advisers do this…

If you took out alternative cover with a broker they are legally bound to provide you with a number of documents ”before” any policy is started.

Initial Disclosure Document – every broker must give you this document which sets out the level of service offered, whether any fees are involved, company contact details and their complaints procedure.

Quote – This details the cover you are applying for and the commission the broker will receive.

Application – This is a copy of what the broker has submitted to the insurance company. DON’T just take their word for it, it is your policy and it will be you and your loved ones who will be affected if the information given is incorrect, not the broker.

Check that the disclosures you have made are accurately documented. There might be a medical condition which has been omitted, or, a medical reading which has been inputted incorrectly? One client who cancelled a policy arranged by Future Proof in favour of a ‘cheaper’ policy sold to them through a cold calling advisory service, asked us to check their new policy document. We found that instead of taking out a joint policy, only one of them was insured. In another scenario a client had had a period of mental illness which had been completed omitted from their new application by the new adviser – which made their monthly premium far cheaper than is should have been. This means that if a claim had been made, there would have been a strong possibility that it would have been declined by the insurer due to non-disclosure. There are reasons why premiums can seem cheaper but the cover and claimant may suffer as a result of this. Cheap is not often cheerful.

Key Features Document – This provides information about your cover and is produced by the insurer, you should keep this safely with the other documents you should have received.

This document explains what you are and are not covered for and gives you the chance to check that your new policy covers you and your family as you have been led to believe.

If you have not been given all of these documents you should be concerned. At Future Proof, we send out all of the above as a matter of course.

If you have any concerns or are unsure about anything relating to your policy, please call us on 0800 644 4468 preferably before you cancel your Direct Debit or lapse your policy – we are always happy to help and advise.

We are not salespeople, we are advisers and our advice will always be given ethically with a duty of care as per the Financial Conduct Authority.

Next steps

Whilst you are welcome to get a quote online, we would recommend you speak to one of our advisers.

Any quote that your adviser provides you with will take into account your circumstances and medical history, as well as your budget!

An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Call me back

Please feel free to read our Independent client reviews, or read about the team at Future Proof

Jon’s moving story – being diagnosed with cancer

The protection industry pays out over £5.7bn in claims in 2019

What questions will an adviser ask me?

Will my claim be paid?

Why you can trust Future Proof.

The benefits of an index-linked insurance policy

Take a look at our handy guides ‘What Cover is Right for me?’

Do you suffer from a medical condition and concerned you can’t secure Life Insurance?  Please view our ‘Medical Guides’ for further information.

Whilst we will endeavour to help someone arrange insurance, there is no guarantee of success.  All applications are subject to underwriting.

Links to third-party websites exist for information only, and we accept no responsibility or liability for the information contained on any such sites.
The existence of a link to another website does not imply or express
endorsement of its provider, products or services by us or St. James’s Place.