Life Insurance Review: Why You Should Revisit Your Existing Policies

Life Insurance Review

Life insurance, critical illness cover, and income protection are essential pillars of family protection. Yet, once policies are in place, many people rarely revisit them.
At Nachu Finance, we believe a periodic review of your existing life insurance can make all the difference — ensuring your cover remains relevant, accessible, and effective when your family needs it most.

Make Sure the Policy Is Accessible

Before anything else, ensure that your family knows what policies you hold, who the providers are, and where to find the documents.

It is surprisingly common for families to be unaware of the details of existing policies. If you find it difficult to locate your documents while everything is going well, imagine how challenging this could be during a crisis.
Keep your policies accessible — ideally in both digital and physical form — and make sure immediate family members or adult children know where to find them.

Place Your Policy Under a Trust

Placing a life insurance policy under a trust ensures that proceeds are paid quickly and tax-efficiently to your chosen beneficiaries.
If your policy isn’t already under a trust, we strongly recommend setting this up.

If it is already under a trust, ensure the trustees’ details are up to date — especially if children have now become adults or if any trustee is no longer suitable to act.

Read more in our related article: Why Your Life Insurance Policy Should Be Placed Under a Trust

Older Policies: Hidden Gems Worth Keeping
 
 

Older life insurance plans can often be genuine hidden gems.
Premiums are based on your age and health at the time you apply, which means policies taken out years ago often benefit from significantly lower, locked-in premiums and medical terms that may no longer be available today.

Before cancelling, altering, or replacing an existing policy, it is essential to seek professional advice. At Nachu Finance, we review older policies with care to ensure they remain relevant to your current needs, and we rarely recommend cancelling them unless there is a clear and meaningful benefit.

Because premiums rise sharply with age, older plans can offer outstanding long-term value compared to arranging cover later in life. Our premium comparison chart by age clearly shows how starting early keeps costs lower for the entire duration of the policy — you can view it Don’t Just Buy a Home-Protect It Too for a clearer picture.

Extending or Increasing an Existing Policy

It is natural to wonder whether an existing policy can simply be extended to cover a longer term or increased to a higher amount.
In most cases, insurers will not allow an increase in cover or extension of the term without full medical reassessment, as this changes the original risk profile.

Our approach is to:

  • Keep your existing policy as it is.
  • Add a “top-up” policy for additional cover or a longer term if needed.

This way, you retain the advantages of your older policy while ensuring your family remains fully protected.

Ensuring Your Cover Is Still Relevant
 
Life Insurance Review - Life Events call for Review
 

Life evolves — so should your insurance.
Events such as marriage, buying a new home, having children, or changes in employment (for instance, moving from employed to self-employed) all affect your protection needs.

A periodic review helps you check whether:

  • The level of cover matches your mortgage balance and family needs.
  • Your term still aligns with your working years.
  • Any employer benefits or other cover overlap with your personal policies.

Life Insurance Review - Do's & Dont's

 

Real life Case Studies

Here are three real-life examples that show how a life insurance review can make a meaningful difference at different stages of life. Each case has a different outcome, but in every situation the review still proved to be the right and sensible step.

Ishan & Sitara

Ishan bought his first property in 2017 for £320,000 with a £250,000 mortgage. At the time, he took out £250,000 of life cover and £100,000 of critical illness cover in his sole name.

When he returned in 2023, he was now married to Sitara and the couple were buying a new family home for £610,000. During our review, we found that Ishan’s historic policies offered excellent terms and very competitive premiums, which would be hard to replicate today.

We therefore kept both existing policies in place, placed his life cover under a trust, and recommended top-up life cover to match his new financial responsibilities. Since Sitara had no protection at all, we also arranged suitable life and critical illness cover for her.

This is a textbook example of why older plans should not be cancelled automatically. With a review, the couple were able to:

  • retain valuable historic cover
  • place the policy under trust
  • top up protection to match their new life stage
  • ensure both partners were fully covered

Felix & Amy

Felix and Amy came to us in 2021 for a remortgage. They had originally purchased their home in 2015 and arranged their life insurance directly with the insurer at the time.

When we asked for their policy documents, they initially struggled to locate them — a common issue that becomes critical during a claim. After some effort, they shared a copy with us and also made sure their family knew where the documents were safely stored.

Following a full review, we concluded that their existing life and critical illness policies were still appropriate for their current circumstances. No top-up cover was needed, but we placed their existing plans under trust and securely stored copies of their documents in their client folder.

Although no new insurance was taken, the review still delivered meaningful benefits:

  • policy documents were located and securely stored
  • the family now knows exactly where to find them
  • the plans were placed under trust for efficient payout
  • reassurance that their existing cover remains fit for purpose

This case shows how valuable a review can be even when no policy changes are required.

Vivan & Rebecca

Vivan and Rebecca approached us around 11 months after their original life insurance was set up at the time of their property purchase. Both were employed when the policies were first taken out.

Within a year, Vivan had moved from employment into a day-rate contracting role through his own limited company. This meant he no longer received the death-in-service benefit he previously enjoyed from his employer.

During the review, we kept Rebecca’s policies unchanged, as her circumstances remained the same. For Vivan, we recommended restructuring his protection by:

  • cancelling his new-but-still-young personal life cover
  • replacing it with a Relevant Life Plan to benefit from significant tax efficiencies
  • increasing the level of life cover to reflect his new responsibilities and lack of workplace benefits

We also reviewed critical illness cover. Although a higher amount would have been sensible, Vivan decided not to increase it for now due to cost considerations.

This case highlights how a review can help align protection with changing employment circumstances — especially when moving to self-employment or contracting.

The Nachu Finance Way
 
Review & Top-Up Approach
 

At Nachu Finance, we appreciate that older policies can hold immense value.
When we review your existing cover, we:

  • Check if it remains suitable for your current family and financial circumstances.
  • Help optimise it — including setting up or updating the trust.
  • Securely store copies of your policies in your client file, so your family can easily access them in the event of a claim.
  • Review both policies arranged by us and those you arranged elsewhere.

Even if no changes are needed, the reassurance that your policy is still fit for purpose is a valuable outcome in itself.

Frequently Asked Questions

No. The insurer bases its terms on your health and lifestyle at the time of application.
Once the policy is live, there is no obligation to update them about later changes.

Yes. You can replace or add trustees at any time.
We always recommend reviewing the trustees during your periodic insurance review to ensure they are still appropriate and willing to act.

Yes. You can hold multiple policies with different providers.
At application, you must declare any existing cover so the insurer can assess your total cover amount correctly.

Absolutely.
For clients whose policies were arranged through us, claim support is fee-free.
We believe compassionate, expert help at such a crucial time is an essential part of our service.

Yes. Many people keep their older policies because they offer lower premiums and favourable terms, and simply add a top-up policy when their protection needs increase. This is completely normal, and it allows you to retain the benefits of your historic cover while ensuring your overall protection keeps pace with life changes.

Our Transparency Promise

Full Disclosure, Complete Peace of Mind

At Nachu Finance, we insist that all applications are made with full and honest disclosure of health, lifestyle, and smoking status.

We review every detail with you before submission, so the insurer receives accurate information.

We would rather an insurer take extra time to verify your details now than risk a claim being declined later for non-disclosure.
This careful approach protects your family’s peace of mind and ensures that your policy pays out when it matters most.

Let Us Review Your Policy

As holistic advisers, we see life insurance as a core part of family financial planning.
Our transparent, no-pressure approach means we’ll only recommend action when it’s genuinely in your favour.

Reach out to Nachu Finance for a free, transparent review of your existing life insurance.
We’ll give you an honest assessment and, if needed, help you:

  • Place the policy under a trust
  • Adjust or top-up your cover
  • Optimise your family’s protection for today and the years ahead
Contact Us

The Conveyancing Process: An In-Depth Step-by-Step Guide for Homebuyers

The Conveyancing Process: An In-Depth Step by Step Guide For Homebuyers

Buying a home is one of the biggest milestones in life. Once your offer is accepted, the legal work that transfers the property into your name begins. This process is called conveyancing.

Conveyancing can feel complex, but understanding what happens at each stage — and why — makes it easier to manage expectations, avoid delays, and plan your move with confidence.

This guide takes you through the process in detail, from instructing a solicitor through to getting your keys, including what you will need to do, common delays, and how to protect yourself when transferring large sums of money.

 
Starting the Conveyancing Process

Your solicitor can only begin once a few essential steps are complete.

From you

  • Formal instruction: You confirm in writing that you want them to act for you, providing details such as property address, agreed price, and the names of all buyers. Once this is received, the solicitor opens a new file for your transaction.
  • ID checks: Every buyer must complete ID checks. Increasingly, this is done through secure apps rather than just copies of passport and utility bills. If you are receiving a gifted deposit, the donor’s ID is also required.
  • Client questionnaire: This detailed form collects information such as your National Insurance number, employment, buyer status (first-time buyer, home mover, additional properties), property details, bank account details for refunds and balances, and the source of your deposit. Many firms now collect this through an online portal.
  • Money on account: Typically £300 to £500, used to pay for searches and other disbursements on your behalf. This is not an extra fee; it is drawn against actual costs.

From the agent and seller

  • Memorandum of Sale: Provided by the estate agent, this confirms the deal, agreed conditions, and the details of both solicitors. It is the document that connects the buyer’s and seller’s solicitors.
  • Draft contract pack: Sent by the seller’s solicitor to your solicitor. It includes the draft contract, title documents, Property Information Form, Fixtures and Fittings Form, and any relevant leasehold information if the property is not freehold.

Your solicitor can properly begin the conveyancing only once all of the above are in place.

The Conveyancing Journey – Step by Step Timeline

What Happens During Due Diligence

This is the solicitor’s core legal work and is designed to protect both you and your mortgage lender.

  • Title investigation: Your solicitor reviews the property’s legal title, ensuring it matches what you think you are buying and is acceptable to your lender. They check for restrictions, covenants, rights of way, and other issues. You will usually receive a Report on Title summarising the findings.
  • Searches: Local authority, environmental, drainage and water, and other location-specific searches are ordered. These can take one to four weeks to come back and are often the longest single dependency.
  • Enquiries: Based on the title, searches, and the seller’s forms, your solicitor raises queries with the seller’s solicitor. Importantly, it is not enough for replies simply to arrive — they must be satisfactory. If not, further clarification is sought.
  • Mortgage offer: Once your mortgage offer arrives, your solicitor checks it carefully, explains conditions to you, and ensures it fits the property being purchased.
  • Deposit checks: The source of your deposit is verified. Non-standard sources such as gifts or business funds are reported to the lender.

Only once the title is approved, searches are back, enquiries are satisfactorily answered, the mortgage offer is in, and the deposit source is cleared, will your solicitor be ready to recommend exchange.

Extra Steps for Leasehold Properties

Leasehold purchases involve additional checks and often take longer.

  • Management pack: Your solicitor must obtain a pack from the freeholder and management company, covering service charges, ground rent, building insurance, consents, and any planned works. The seller usually pays for this pack
  • Payment status: Confirmation that the seller is up to date with service charges and ground rent is required.
  • Timing: Freeholders and management companies are rarely quick to respond, which explains why leasehold transactions often extend to ten to thirteen weeks.
  • Insurance: For flats, building insurance is usually held for the entire block by the management company, not by individual owners.

Documents You Will Need to Sign
Documents You Will Need to Sign
 

Before exchange, your solicitor will send you a set of documents to sign.

  • Contract: Signed by all buyers confirming you agree to the purchase. Usually, this does not need to be witnessed.
  • Transfer (TR1): This Land Registry document transfers ownership from seller to buyer. It must be witnessed by an independent adult. The witness:
    • Cannot be related to you
    • Cannot live at the same address
    • Must be over 18
    • Can witness for both buyers, but must sign against each name separately.
  • Mortgage Deed: Gives your lender a legal charge over the property. Must also be signed and witnessed under the same rules.
  • Leasehold forms and plan acknowledgement: If buying leasehold, you may be asked to sign to confirm your understanding of the property boundaries. Some solicitors also require a signature on the plan documents to confirm you know exactly which property within a development is being purchased.

We can witness signatures in our office if needed.

Your solicitor will also request the deposit for exchange at this point. Usually this is 10 percent of the purchase price, but alternative arrangements can sometimes be agreed.

Exchange of Contracts
Exchange is the legal milestone where buyer and seller are bound to complete.
  • Contracts are normally signed by you in advance and are then formally dated by the solicitors on the day of exchange.
  • The exchange date is often coordinated through the estate agent, who keeps both sides aligned.
  • At exchange, you pay the deposit (usually 10%).

Important:

  • At exchange, you do not get the keys.
  • The seller still occupies the property.
  • You are not yet making mortgage payments.

Exchange is about creating the legal commitment to complete on the agreed date.

Between Exchange and Completion
Once contracts are exchanged and a completion date is fixed, you can confidently plan your move.
  • Book packers and removals.
  • Order furniture, flooring, or appliances.
  • Give notice to your current landlord if renting.

Balance deposit example

If your overall deposit is 25 percent, you will normally pay 10 percent at exchange. The remaining 15 percent is then transferred just before completion, along with Stamp Duty and fees.

New builds

Unlike standard properties, new builds often exchange before the property is fully complete. In these cases, completion depends not only on the property being finished but also on receiving sign-offs from building control and warranty providers. This means the completion date may not be fixed at the point of exchange.

Completion Day
Completion is the day ownership transfers and you receive the keys.
  • Your solicitor will request your mortgage funds from the lender the day before completion.
  • You provide any balance deposit, Stamp Duty Land Tax, and solicitor’s fees.
  • Once the seller’s solicitor confirms receipt of all monies, they authorise the estate agent to release the keys.

When does the seller vacate?

In most cases, the seller vacates the property on completion day, sometimes the day before. Keys are usually available from the estate agent once funds clear.

When do mortgage payments start?

Only after completion. No mortgage interest is charged and no repayments are due before this point.

After Completion
Although the keys are now in your hand, your solicitor still has work to do:
  • Paying any Stamp Duty Land Tax due to HMRC.
  • Registering your ownership at HM Land Registry.
  • Registering your lender’s charge over the property.
  • Sending you final confirmation and updated title documents.

These steps happen in the background after you have moved in.

How Long Does It Take
Timescales vary, but realistic averages are:
  • Freehold homes: three to eight weeks from instruction to exchange.
  • Leasehold homes: ten to thirteen weeks due to management company delays.

A sensible expectation is six to eight weeks for a freehold and ten to thirteen weeks for a leasehold.

Exchange and completion can sometimes happen on the same day if everyone agrees and logistics allow. More commonly, there is a gap of a week or more.

Paying Your Solicitor Safely
Safe Payments to Your Solicitor
 

Large sums are transferred during conveyancing, which unfortunately attracts fraud attempts. Always follow best practice:

  • Verify bank details securely: Solicitors do not change bank details mid-transaction. Treat any message claiming otherwise as suspicious and phone the firm using a verified number.
  • Use telegraphic transfer: Online banking often has daily limits. Telegraphic transfers carry a fee but are faster and safer for large amounts.
  • Funds must come from your account: Solicitors will only accept funds from the buyer’s own account.
    • Gifts from family should be paid into your account first.
    • If using business funds, transfer them to your personal account before sending to your solicitor.

Keep transfers to as few payments as possible and always confirm receipt.

Buyer’s Checklist
Client To-Dos in the Conveyancing Process
  • Instruct solicitor, provide full details, and complete ID checks.
  • Return the client questionnaire promptly.
  • Pay money on account to enable searches.
  • Gather deposit evidence (including gift paperwork).
  • Look out for document packs to sign and arrange a proper witness.
  • Be ready to pay the 10 percent deposit at exchange.
  • Plan for the balance deposit, SDLT, and fees at completion.
  • Coordinate exchange and completion dates through your estate agent.
  • Verify solicitor bank details and plan how you’ll transfer funds.
  • Book removals once the completion date is fixed.

Frequently Asked Questions

No. You sign the contract earlier. On the day of exchange, solicitors date and formally exchange contracts.

After completion. No interest or repayments are due before then.

Yes, if all parties agree, though it’s less common where there is a chain.

Because your solicitor must obtain and check information from freeholders and management companies, who often take time to respond.

An independent adult over 18, not related to you and not living at your address. Friends, colleagues, or neighbours are ideal.

Our Transparency Promise

The Process Is Less Than Desirable

Buying a property in England involves one of the lengthiest legal processes in the world — and unfortunately, it’s widely recognised that the current system is not fit for purpose. Even the Government has acknowledged that the numerous steps, layers of checks, and dependency on multiple parties can lead to severe delays. These delays affect not only home movers but also the wider economy.

Given this complex and long-drawn process, it’s also fair to acknowledge that solicitors are often managing a large number of cases at the same time. As a result, they may not always be as responsive as you might hope. This is not necessarily a reflection of a lack of effort or interest, but rather the reality of their workload and the volume of communication involved in property transactions. Expect some delays in reaching them or hearing back, and try to plan around this to avoid unnecessary frustration.

For now, this is the system we must all work within. Until improvements are made, the best approach as a buyer is to prepare yourself for a process that can take time and make sure you do everything within your control promptly and accurately.

While it can feel like a long journey, the end result is absolutely worth it — that unforgettable day when you finally complete and collect the keys to your new home. We believe that being mentally prepared, well-informed, and fully supported makes all the difference in turning this complex process into a smoother and more satisfying experience.

How Nachu Finance Can Help During the Conveyancing Process

At Nachu Finance, we don’t stop once your mortgage offer is in place — we stay actively involved while the legal work happens.

When you instruct solicitors we work with regularly, the process often feels smoother because we already have established communication and trust. Our role includes:

  • Coordinating and following up with the solicitors to keep your case moving.
  • Sharing key documents and information you’ve already provided to us, so you don’t have to repeat yourself.
  • Chasing updates and clarifying progress, then keeping you informed in plain language.
  • Helping with forms and signatures, including acting as a witness where appropriate for certain documents.
  • Offering reassurance and explanations — helping you understand what’s happening and why each step matters.

We’ll be honest — liaising with solicitors and managing timelines is one of the more time-consuming parts of what we do, but it’s also one of the most satisfying. Buying a home is a major milestone, and we take pride in being alongside you throughout this important, and sometimes daunting, journey.

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Tax Year Overview: What It Is, Why It Matters for Your Mortgage, and How to Download It

Tax year Overview

When applying for a mortgage, especially as a self-employed individual or landlord, one document that often causes confusion is the Tax Year Overview (TYO). Many clients aren’t aware of what this document is, how it differs from the tax calculation, or how to download it correctly from the HMRC website.

Let’s clear up the confusion and walk you through what a Tax Year Overview is, when it’s required, and how to avoid common mistakes when submitting it.

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Mortgage Deposit Source & Evidence – What Lenders Expect

Is Your Deposit

When buying a property with a mortgage, it’s easy to focus on rates, monthly payments, or loan sizes—but your deposit source and the evidence behind it can make or break your application. This often-overlooked detail has become increasingly important with tighter anti-money laundering checks and lender scrutiny. In this article, we explain what lenders and solicitors need to see, which sources are acceptable, and how you can avoid delays by getting it right from the start.

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EPC Ratings and Mortgages: What Buyers and Landlords Need to Know

EPC Ratings and Mortgages

When buying or letting out a property the EPC rating can have a larger impact than expected as it is not just legal compliance. It can influence your mortgage options, ongoing energy costs, and even your long-term returns. Whether you are a first-time buyer, a home mover, or a landlord, understanding how EPC ratings fit into the bigger picture is essential.

When applying for a mortgage, particularly for buy-to-let or investment properties, the Energy Performance Certificate (EPC) is NOT just a formality. It carries financial, regulatory, and environmental importance.

At Nachu Finance, we are not energy advisers, but we do take a holistic approach to mortgage planning, and EPC considerations are an important part of the advice we provide.

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