Our cost of living support scheme

If your policy number begins with ‘BPL’ and was set up after 14 November 2016 (with the exception of Over 50 Life Insurance policyholders), you can lower your cover along with your monthly payments. You’ll then have the option of topping them back up again after one or two years. All you need to do to get started is to let us know what you'd like to reduce your cover level to and we'll provide you with a quote to help you decide whether this is the right option for you.

If you took out your policy before this date, have an Over 50 Life Insurance policy, or your policy number has a different prefix, you can contact us to discuss your options and how we can help you. Alternatively, you can visit our managing your policy page for more information.

1. Get a quote by clicking the button at the bottom of this page and filling in some basic details.
2. We’ll then send you a quote with the facts and figures you need to decide what’s right for you. A financial adviser may be able to help you choose the cover you need. If you don’t have one already, try unbiased.co.uk.
3. If you go ahead, we’ll make the changes and let you know the details.

About a year after you've made changes to your cover, we'll reach out to see if you'd like to top it back up. If you're happy with your current cover, that's fine - we'll check in again the following year.

Here's how topping up works, depending on your policy type:

• If you have level cover – where the amount we’d pay out if you made a successful claim stays the same for the life of your policy – you’ll be able to top it back up to the starting level, or by any amount less than this.
• If you have decreasing cover – where the amount we’d pay out goes down over time – you can top it back up to the level it would have been had you not reduced your cover. We will confirm the amount to you when we get in touch.
• Escalating cover – where the amount we’d pay out goes up over time. You can return it to the level it reached when you changed your cover, or by any amount less than this.

If you decide to top up, we'll need to ask you a few questions to confirm your medical situation and your direct debit details.

Remember, you can make changes to your cover at any time. Visit our life cover help page for more information.

If you decide to decrease your cover and premiums but want to top up your cover later, here are a few important points:

• Reapplying: If you cancel your policy and reapply later, your entire cover is likely to cost more due to your increased age.
• Current cover options: We can only offer the cover available at the time you make changes. This might have different terms, conditions, or eligibility rules than your current policy.
• Health and age factors: In rare cases, health factors or age might prevent you from topping up your policy.
• Cost of topping up: The part of your cover you're topping up will likely cost more because you'll be older than when you first took out the policy.
• Original terms: The part of your cover you keep will stay on the original terms and conditions, with the price based on your age and health when you first applied.

Make your monthly costs more manageable by taking advantage of our Cost of Living Support Scheme. We're here to help you every step of the way.