Our cost of living support scheme

What’s the cost of living support scheme?

When you’re faced with deciding between your life cover and paying the bills, our cost of living support scheme could help you reduce your monthly outgoings whilst ensuring you keep some life cover in place.

How it works

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.

You’re only 3 steps away from changing your cover and premiums

  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.

Topping up your cover

Around a year after you’ve made your changes, we’ll reach out to see if you'd like to top your cover back up. If you want to leave things as they are, that’s ok too – we’ll check in again in another year’s time.

How your cover is topped up depends on the type of policy.

  • 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 make a top-up, you’ll need to let us know about any medical conditions you’ve been diagnosed within the last five years. We’ll also need you to confirm your direct debit details.

Don’t worry, you can still make changes to your cover at any other time. Our life cover help page explains how to do this.

What you need to know

If you decrease your cover and premiums and want to top up your cover, it’s important you know:

  • We can only offer you the cover we’re selling when you make your changes. It may have different terms and conditions or eligibility rules than what you currently have.
  • In rare cases, you may not be able to top up your policy because of health factors or your age.
  • The part of your cover you’re topping up will probably cost you more than it would’ve because you’ll be older than when you took out the policy.
  • The part of your cover you keep throughout will stay on the original terms and conditions. The price is based on your age and health when you first applied.
  • If you cancel your policy and re-apply for it later, your whole cover is likely to cost more because you’ll be older.

Make your monthly cost more manageable by taking advantage of our cost-of-living support scheme.