You may wish to review the insurance you hold if your circumstances change or if you want to reduce your premiums.
However, there are risks associated with replacing your existing life insurance policy:
You may need to go through the application and underwriting process again
If any new health issues have arisen, then you may not get coverage for these under the new life insurance policy
A claim may have been accepted under your original policy if the condition did not existed when you took out the original policy
You may also be subject to waiting periods before you can make a claim on the new policy
If you apply for a new life insurance policy, it is important that you don’t cancel your existing policy or cover held through your superannuation fund or employer until your new policy starts.