How Do I Switch My Critical Illness Insurance Provider Without Losing Coverage
To switch critical illness provider, apply for a new policy first, wait until it's confirmed and in force, then cancel your old policy. Never cancel before new cover is active. Be aware that switching means new underwriting - you'll pay premiums based on your current age and health, which may result in higher costs or exclusions.
Risks of Switching Provider
Higher premiums
You're older now, so new policies will cost more than your current locked-in rate
New exclusions
Health changes since your original policy may result in excluded conditions
Waiting periods
Some new policies have waiting periods before full cover begins
Coverage gaps
Never cancel your old policy until the new one is confirmed and in force
Frequently Asked Questions
Can I transfer my existing policy to a new provider?
No. Critical illness policies can't be transferred. You must apply for a new policy and, once accepted, cancel the old one. Never cancel your existing policy until the new one is in force.
Will switching affect my premiums?
Likely yes. You're now older than when you first applied, so new premiums will be based on your current age. Any new health conditions may also increase costs or result in exclusions.
Is there ever a good reason to switch?
Sometimes. Better definitions, more conditions covered, or additional benefits might justify switching. But carefully weigh the risks of new underwriting against potential benefits.
What if I've developed health conditions since my original policy?
New conditions may be excluded or result in higher premiums. Your existing policy typically can't add exclusions, so switching might reduce your coverage. Speak to an adviser first.
Related Questions
This page provides general information only and does not constitute personal financial advice. Critical illness insurance products and their terms vary between providers. Always read the policy documentation carefully before purchasing. Your Home Finance is authorised and regulated by the Financial Conduct Authority.