Decreasing Life Insurance - making changes to your policy

The information on this site relates to our current range of products and additional benefits. If you already have an existing life cover policy with us please refer to your original policy documents as they may differ from the following information depending on when you took your policy out.

When you take out Decreasing Life Insurance with us, we understand that your circumstances may change in the future. So that your policy can adapt with your needs - we offer some options that may help. Terms & Conditions apply. For more information please read the Policy Booklet PDF(513KB).

If you are an existing customer and you would like to change your policy or find out more, you will need to call us.

Changing your policy

At certain key points of your life, you may need to increase the amount of cover you have. For example, you could become a new parent or decide to move to a bigger house. These types of events usually mean that you need more protection.

The good news is we’ll allow you to increase your cover without the need for any further medical information on the occurrence of specified events – making the process as easy and hassle free as possible.

Things you need to know

You may be eligible to increase your cover within six months of one of the following events occurring:

• birth of a child, legal adoption of a child or becoming the legal guardian of a child
• you get married or enter into a registered civil partnership
• you get divorced or dissolve a registered civil partnership
• your earnings increase due to a new job or promotion
• you increase your mortgage because you're moving home or undertaking major home improvements.

You must provide the relevant documents in relation to the events to us.

Your cover can be increased by up to 100% of the original amount on each occasion that the option is used, but this is limited to a maximum of £200,000. 

If the option is being used due to a mortgage increase then it’s also limited to the amount of the increase to the mortgage.

If you’re using this option because of an increase in earnings, this is calculated as the percentage increase in earnings multiplied by the original amount of cover. Subject to the maximum of £200,000.

The option can be used multiple times, but the maximum total increase permitted is £200,000.

To do this you must take your plan out before your 55th birthday and we must not have applied a premium increase to your cover. If you do choose to exercise this option we won’t ask any more medical questions. This is subject to terms and conditions and the premiums at the time of the increase will apply.

This option is not available after your 55th birthday, or if you have been diagnosed with or are receiving or have received medical treatment for our definition of a terminal illness.

Other changes

You may be able to make other changes to your policy. You can apply for a change to:

• extend or reduce the period of cover
• increase or decrease the amount of cover
• removing a life on a joint policy
• the way you pay your premiums

We also offer the following:

• Joint life separation - this means a joint policy can be split into two single policies if a couple divorce, dissolve their registered civil partnership if either of you take over an existing mortgage in one name, or take out a new mortgage in one name. Change must be requested within six months of the event. Please see the Policy Booklet for full terms & conditions. 

These changes could affect the premiums that you pay and we would have to assess any change request based on your circumstances at the time.