Thinking of switching life insurance? Check these first

Compare Kiwi · Updated 12 October 2026 · General information, not financial advice

1. You'll go through underwriting again

Your current insurer assessed your health when you first applied. A new insurer will assess it as it is today. Anything that's happened since, like a diagnosis, an injury or a change in medication, could mean an exclusion, a higher premium or a decline.

2. You must disclose everything

When you apply, you have to answer health and lifestyle questions fully and honestly. If something is left out, even by accident, the insurer may be able to decline a claim or cancel the policy later. This matters more on a new policy, because you're starting from scratch.

3. Compare the cover, not just the price

• Definitions: trauma conditions and disability definitions differ between insurers and between older and newer policies.
• Built-in benefits: older policies sometimes include benefits or options that newer ones don't.
• Premium structure: stepped or level, and how the price is expected to change over time.
• Exclusions: what isn't covered, and whether any are specific to you.

4. Some protections can restart

New policies can have exclusion periods that apply from the start date. If you switch, any that had already run out on your old policy may start again. Ask what applies before you change.

When switching often makes sense

• You're paying noticeably more than the market for comparable cover.
• Your cover no longer matches your life, and your current insurer can't adjust it.
• Your policy is missing benefits you now need.

Often, though, the better move is to adjust the policy you already have. That keeps your original underwriting.

How an adviser helps

A licensed adviser has to put your interests first. If they recommend replacing a policy, they should explain in writing what you'd gain and what you'd lose, and make sure your new cover is in place before the old one ends.