New insurer every year? Life Assurance

Hi All...

A little help if you can..Used LABrokers.ie last year for first term of life assurance. Got a great deal. Just got renewal form from Insurers and its 3 times the 'buy-in' price we got last year.
I realise that is the point of these comparison sites, but is there anything to stop me pulling out, getting the best deal I can this year and changing provider every subsequent year to get the best value-for-money?
Is it a complicated process (policy expires on Jan 10th)? Is it feasible that I can cancel with current provider, and begin new policy with new provider etc..prior to that? There was a lot of paperwork last time..will new provider accept details of last year etc..?

Thanks a million,
PB

You can chop and change your life assurance each year if you so choose but remember that as you grow older the normal premiums will rise. There will also be, as you mention, some administrative hassle in chopping and changing like this. Might be better to just try to get a good deal up front and not chop and change too much thereafter?

As Clubman said, each year the base price before discounts will rise however if you decide to chop and change to avail of discounts, heres what involved;

1) You will need to fill in new proposal forms.
2) The insurance company you apply to for a new policy will need to underwrite you, if you are ordinary rates then a new policy can be set up quickly. If further medical evidence is required then you are dependent on how quickly doctors can facilitate you.
3) Once the new policy is in force, you will need to assign it to your mortgage provider.
4) You will then need to get them to release the assignment of the old policy so you can cancel it.

There is some work involved but its not too bad especially if you are facing a large premium and the discount is significant, then it can be worth the effort. Do bear in mind though that you will face a larger premium in all likelyhood the following year though as Clubman mentioned.