New mortgage repayment arrangement offered by lender

recently offered new arrangement with lender over longer term. will my life cover have to be increased, also if my situation improves and can reduce my mortgage with a lump sum will I be hit for any charges as I should then be able to exit much earlier from mortgage term.

Don't you think Lillyrose that we might just need a tad more detail. You've given practically zero. We can not see inside your head.

If the new arrangements are by SVR as oppose to a fixed rate then you can add lump sums but as Bronte states we need some more info on what he new terms are.