Can I shorten the policy term?
Some insurers let you shorten the term of a policy, for example to match a mortgage you will now repay sooner. This usually lowers the premium. Others may require you to take out a new policy instead. Contact your insurer or adviser to find out what your policy allows.
When it might make sense
If you have overpaid your mortgage, retired earlier than planned or your children will be independent sooner, cover may not be needed for as long.
What to check
Ask how the premium will change and whether any other features are affected. Make sure you will not be left without cover at a time you still need it.
Alternatives
Reducing the cover amount is another way to lower the premium if you need cover for the full term but less of it.
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