Can I change the cover level on my health insurance?

When you buy a health insurance policy in the UK it is an annual contract. What happens if you want to change your cover level and you are only 6 months into the contact?

Benefit changes are made at renewal

If you are looking to increase or decrease the level of cover you have, this can be done at renewal.

  • Mid-term benefit changes are not available on UK health insurance.
  • Even changes to excess levels can only be done at the renewal of your policy.

Decreasing the benefits you have would result in a lower premium.

There are many cost containment options available. These can be discussed with your broker so you know how your cover would be affected.

Increasing your cover would result in a higher premium.

There are many add-on options available such as travel insurance and dental/ optical cover. You cannot add these on mid-term. If you do want to increase the cover you have, this will be subject to the underwriters’ approval.

Changing insurance provider

It is very rare to change insurance provider mid-term through your policy year.  Normal protocol would be to review the alternative insurers when you receive your renewal terms. There could be a better option with another health insurance provider. If there is, you can look to change insurance provider at your renewal date We would encourage everyone to compare the options available to them at their renewal date.

There could be circumstances where you want to change provider and feel you cannot wait until the renewal of your policy.  You need to check to see whether your current insurer will allow you to cancel the policy mid-term before approaching other providers. This is especially important if you do not want to be newly underwritten.

We would always encourage clients to wait until the renewal date of their policy.

Changing from an individual policy to a company scheme

If you have an individual health insurance policy and then start your own business, it is feasible that you could change from an individual policy to a company scheme. You should see preferential rates as a business scheme with two or more employees.  Your insurance provider is likely to allow the change from individual cover to company cover with an internal switch even if it is mid-term. You could then review your options at the renewal date of the company scheme.

The team at SMP Healthcare would be happy to help you review your health insurance benefits. Let us explain to you how the process or making any changes will work for you. Based in the heart of Chelmsford, we are open Monday to Friday with Saturdays by pre-arranged appointment only.

Our clients range from individual, small business to large corporate cover and our clients are based all over the UK.

If you would like more information, please do not hesitate to contact us on:

Telephone 01245 929129/ 0800 047 0127