Change or Switch Life Insurance in Ireland?

10-second summary: Yes, you can switch or change life insurance in Ireland at any time. But never cancel your existing policy until the new one is fully accepted. The real risk isn’t paperwork. It’s underwriting.

Johnny!!!

Yes Mary.

I heard a fella on the radio saying you could get life insurance for €10 a month. How much are we paying?

Dunno Mary. I’ll ring Nick.

Howaya Nick, Johnny here. How much are we paying for life insurance?

Lemme check… €117 a month, Johnny.

But Mary can get it off the radio for a tenner.

Does the radio know you’re both smokers, that Mary has diabetes, and that your Dad had a heart attack at 40?

Ehm, no, thanks Nick.

Can You Switch or Change Life Insurance?

If you’re switching mortgage lenders rather than changing insurer, that’s a slightly different scenario. I’ve explained what happens to your mortgage protection when you move bank here.

You can change or switch life insurance anytime you like.

Anytime you like.

There’s no penalty for leaving your insurer. No exit fee. No fine in the post.

But this is the part people don’t think about:

You can’t “transfer” life insurance the way you switch car insurance. You have to apply again from scratch.

Full application.

Full underwriting.

Health questions.

Possibly a nurse.

Maybe a GP report.

So the golden rule is simple.

Do not cancel your existing policy until the new one is fully approved and live.

Not nearly approved or  “should be fine”.

You should have the policy certificate.

The same rules apply if you’re changing mortgage protection.

Why Switching Can Go Wrong

Life insurance is priced on age and health at the time you apply.

If you took out your policy five or ten years ago, you were younger (possibly slimmer and with fewer medical notes on your GP file)

If anything has changed since then, your new insurer will reassess everything.

Raised blood pressure.

Higher BMI.

Smoker.

Anxiety treatment.

A heart scare.

Even something that felt minor at the time.

If they decide you’re a higher risk now, you could get a loading, a postponement or a decline.

And here’s the bit most comparison ads never mention.

If you are declined or heavily loaded, future insurers will ask about that.

Underwriting decisions don’t disappear.

So switching is not just about today’s premium. It’s about sequencing it properly so you don’t lock yourself into a worse long-term outcome.

When Switching Makes Sense

It can absolutely make sense.

If your health has improved, for example.

If you’ve stopped smoking for over 12 months.

If you were quoted years ago when rates were higher and you want to test the market again.

Or if you simply suspect you were overpaying at the start.

The first step is simple. Get a fresh quote based on your current details and see where you stand.

You can do that here: Get a life insurance quote

If the new quote is meaningfully cheaper and you’re medically clean, great.

Move to application.

Wait for approval.

Then cancel the old one.

If it’s higher, at least you’ve confirmed your current cover is competitive.

Are You Comparing the Right Things?

Price is one piece of the puzzle.

Before switching, you need to check what you’d be giving up.

Some older policies have broader serious illness definitions, include stronger conversion options and were underwritten at a time when insurers were more relaxed around certain conditions.

Especially with serious illness cover, if you replace a strong older contract with a cheaper modern one that has tighter definitions, that’s not a saving, that’s a downgrade.

Most people only find that out when they try to claim.

What About Smoking?

If you’ve quit for more than 12 months, and are off all replacement products (patches, gum, vapes etc) you will qualify for non-smoker rates now and that can make switching worthwhile (unless you took your policy out when you were much, much younger)

If you started smoking after your original policy, switching is unlikely to help you.

Will You Need a Medical?

Sometimes.

It depends on your age and how much cover you’re applying for.

It might just be a health questionnaire but it might involve a nurse visit or a GP report.

The key point is this.

You are applying again.

It’s not a paperwork swap.

Can You Transfer Life Insurance?

No, there is no transfer mechanism.

Your old insurer stops covering you.

Your new insurer takes over.

They are two completely separate contracts.

Can You Get Money Back If You Cancel?

Standard life insurance has no cash value.

You paid for protection while you had it. If you didn’t claim, that’s a good outcome.

So Should You Switch?

Maybe.

If your health is stable and the numbers stack up, it can make sense.

If your health has changed, or your existing policy has strong features that would be hard to replace, staying put may be the smarter move.

The mistake people make is cancelling first and asking questions later.

If you want a straight answer on your own policy, complete this short questionnaire and I’ll tell you whether switching makes sense or not.

Review My Life Insurance

Editor’s note: Originally published in 2020 and fully reviewed in 2026 for current Irish underwriting practice.