Update.
Thank you Kerry for the tip off. You are absolutely correct. Laya will allow you to cancel your existing ( policy, as in not renew it) and quote you a new policy premium at 2020 prices. They will issue you with a new membership number, without breaking cover or losing existing benefits . This starts on December 31st, as opposed to January 1st.
Technically, you are insured for the last day of the month twice. Your new policy starts then on January 1st with a renewal date of December 1st 2021.
So basically, the increase does not come into effect for another 11 months.
I rang Laya today and all this was confirmed and in my case, put in place. By the way, I too am on Simplicity.
Thank you