Policyholders fail to review cover after major life events
Vitality is encouraging advisers to use Friday 29th August - traditionally the UK’s busiest day for moving house, with over 22,000 households set to relocate1 - as a timely opportunity to reconnect with clients and ensure their protection cover reflects the lives they lead today, not the ones they lived years ago.
New research2 from Vitality reveals that buying a first home is the most common reason people take out protection, with 21% of respondents saying this was when they took out life insurance, 23% for Income Protection, and 26% for Critical or Serious Illness Cover. Other key life milestones such as having a child and getting married also ranked highly as triggers for taking out cover. However, many fail to revisit their policies as their circumstances evolve.
The research found that one in four policyholders have moved home since taking out their cover, yet 32% have never reviewed their policy, and 63% have looked at it but made no changes. This suggests that even when people take the important step of securing protection, they often leave it untouched – potentially exposing themselves to gaps in cover just as their financial responsibilities shift.
Andy Philo, director of strategic partnerships at Vitality, said: “Moving house often marks a new chapter - with new priorities and financial responsibilities. Having protection that reflects those changes – and reflects the life they are living today, not the one they had when they first took out cover - is essential, not just for peace of mind, but to ensure it continues to offer the right level of support when it’s needed most. A review of existing cover can help ensure it still fits, and may highlight opportunities to broaden protection, such as adding Income Protection or Serious Illness Cover for more comprehensive support.
“We also know that when people engage with their cover they’re more likely to keep it in place and benefit from the full value of their policy, including rewards, premium discounts, and improved wellbeing outcomes. Yet protection can only deliver its full value when it evolves with the person it’s designed to support.”
With many policyholders failing to revisit their protection after major life changes, there’s a clear opportunity for advisers to help clients ensure their cover still meets their needs. It’s not just about updating details, but about making sure the protection in place genuinely reflects their current circumstances. That might mean adjusting the level of cover or exploring additional options like Income Protection or Serious Illness Cover, especially as financial responsibilities grow.
ENDS
Notes to editors:
1. Research carried out by Opinium on behalf of Vitality with 2,000 UK adults, 20-27th February 2025
2. Busiest Day To Move House In The UK 2025 Revealed - HomeOwners Alliance