Insurance premiums rarely stay the same. LifeAxis keeps a full history of every renewal so you can see exactly how much a policy has cost each year and whether you are paying more or less than before.
Recording a renewal
When a policy renews, add a renewal entry with:
- Previous premium (what you were paying)
- New premium (what you will now pay)
- Renewal date
LifeAxis stores this alongside the policy so the full history is always accessible.
Why it matters
The renewal history lets you see at a glance:
- Whether your premium has increased year on year
- The total you have paid over the lifetime of a policy
- Whether the current deal is better or worse than previous years
This context is useful when a renewal letter arrives and you are deciding whether to accept it or go to the market.
Renewal alerts
LifeAxis surfaces a suggestion on your Wealth Dashboard when a policy renewal date is within 30 days, so you have time to review the market rather than auto-renewing by default.