As you progress through life it's a near certainty your life insurance needs will change.
Your dependants will grow up and become financially independent and your concerns might switch to inheritance planning or providing for your partner after your death in retirement.
This doesn't mean you have to lose the value of any existing policies.
Some life insurance plans can be set up with the option to convert to a 'whole of life plan' or an 'endowment' for the same sum assured without having to provide further details. This is especially likely to benefit you if your health has deteriorated during your life as the insurance company will not request new information.
There is usually a small additional cost involved if you want to retain his option but if you believe you would see value from it the cost could appear negligible.
