Can I reduce my cover to lower the premium?
Often, yes. Many insurers allow you to reduce the amount of cover, which usually lowers the premium. Before reducing it, check what need would no longer be covered and whether your family would still be protected. Increasing cover again later may need new medical questions and could cost more.
Other ways to lower the cost
Shortening the term, removing optional benefits or declining an indexation increase may also help.
Get it confirmed
Ask the insurer to confirm the new cover and premium in writing.
Reducing rather than cancelling
Keeping some cover is often better than none, especially if your health has changed.
This article is general information about UK protection insurance, not personalised financial advice. Policy terms vary between insurers and products, so always check your own policy documents.
Last updated 27 October 2026