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Has your reviewable whole of life insurance policy — or one held by a parent — just been reviewed?
If you’ve been offered higher premiums, lower cover, or a combination of both, you’re not alone.
This is one of the most common problems we see with older whole of life policies.
A reviewable whole of life policy is designed to pay out when you die.
Unlike fixed whole of life cover, the premiums and benefits are not guaranteed.
Part of what you pay goes towards insurance. The rest is invested by the insurer.
At regular intervals, usually every five to ten years, the insurer reviews the policy.
If the investment element has underperformed, something has to give.
When a review takes place, the insurer will usually offer one or more of the following:
And these are not small increases.
We regularly see premiums jump by several hundred percent.
The timing is often brutal.
Reviews tend to happen later in life, when income is fixed and health may have changed.
That combination makes it difficult to shop around.
If children are financially independent and there is money set aside for funeral costs, the policy may no longer be essential.
If you are in reasonable health and under the insurer’s age limits, you may be able to switch.
Options can include fixed whole of life cover or term insurance for a limited number of years.
Check this before you cancel.
Some older policies have a surrender value.
If you can replace the cover elsewhere, taking the cash can make sense.
Leave it too long and a future review may wipe that value out.
Some insurers allow reviewable policies to be converted to fixed whole of life cover, usually for modest amounts.
This option is time-sensitive and not always available.
As a guide only, fixed whole of life cover to meet funeral expenses typically costs:
Exact pricing depends on age, health and insurer limits.
Sometimes.
For smaller amounts, many insurers rely on application questions only.
More serious medical history may require a GP report.
Medical exams are usually reserved for larger sums or complex cases.
If a review letter has landed and you’re not happy with the options, don’t rush a decision.
Cancelling first and asking questions later is how people lose cover permanently.
If you want help weighing up the options properly, you can schedule a call here.
Thanks for reading
Nick
Editor’s note: First published in 2019. Fully rebuilt in 2026 to reflect current insurer review practices and real-world outcomes.
Written by Nick McGowan, QFA RPA APA
Nick is a qualified financial advisor and founder of Lion.ie, an independent Irish life insurance and income protection brokerage.
He specialises in helping people avoid common mistakes with life insurance, particularly where health issues, older policies, or complex situations are involved.
If you want straight answers without a sales pitch, learn more about Nick here.
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