For an optimal site experience, we recommend using a different browser.
Using Internet Explorer may prevent you from accessing, and some site features may not function as expected.

skip to main content
Insurance Guidance

The need-to-knows when replacing an insurance policy

nz chubb article banner red

As consumers we can all be impulsive, easily persuaded, and quick to make decisions – often without being properly informed.

Whether it’s life, income protection or criticall illness, replacing your insurance policy is no exception to this. It can be all too easy to rush into what you think on the surface is a better plan for you. However, choosing to replace an insurance policy can be risky, and there are a number of important things you should consider before jumping ship from your current policy:


Have you thought about...

  • If the new, or existing policy has better terms and conditions for you? And which has a wider range of cover? Replacing it could either leave you worse or better off. For example, your existing policy may cover different types of conditions than your new policy, and vice versa (eg some trauma policies cover different conditions).
  • Changes in your health, lifestyle, occupation, or age that may mean you aren’t covered under your new policy for benefits or events that may be covered under your existing policy. These changes could also make a new policy more expensive. For example, if you’ve developed a new medical condition since taking out your original policy, applying for a new policy might mean your premiums are higher, or you risk not being accepted.
  • If your new policy has a stand-down period, which means you may not be covered for certain medical conditions or events for a period of time from the start date of your policy. For example, if you’ve had your existing policy for a while, you will have likely passed the stand down period. This means if something happened you would be covered by the terms of your policy. If you take out a new policy and something unexpected happens shortly after, you risk not being covered as you may be in a new stand down period.
  • If you keep your existing cover and take on additional cover under a new policy, you may pay more in premiums by having two policies in place.
  • It’s important to check through both policies to make sure you are happy with everything first before considering whether to cancel any existing cover.

If you have trouble finding this kind of information yourself, your current, and potential new insurance provider will be able help you. An Insurance Adviser is also a good person to go to for helpful advice.

Ready to get started?

Find the right cover for you 

To make sure you choose the right cover for your needs, you'll need the help of a qualified Insurance Adviser. We can connect you with an Adviser near you. Leave your details and someone will give you a call for a quick, no-obligation chat about your personal insurance needs.