Supporting our customers

The pandemic taught us a lot. We received calls from customers facing financial difficulty, who were looking for ways to reduce their monthly outgoings. And while our policies offer a 30-day deferral period as standard, we know this may not be enough for customers experiencing temporary or ongoing financial difficulties.

That’s why we introduced our policy flexibility request – giving you the choice to reduce your premium(s) for six months. We want to give you flexibility that’s meaningful, and over an extended amount of time, to make a reasonable difference to you and your personal circumstances.

Monthly premiums can be reduced for six months if you’re experiencing financial difficulty or just need a helping hand, providing you meet our terms and conditions.

You can make up to, but no more than, five flexible policy requests during the lifetime of your cover with us. The same applies if you have more than one cover with us – the only difference being you can make flexible policy requests for each one of your covers. There must be at least six months between one flexible policy request ending and a further flexible policy request being applied for.

If you have:

• Individual life insurance
• Critical illness insurance
• Income protection insurance
• Business protection policy

You’ll need to have paid at least one premium, and be facing financial difficulty or need a helping hand. If you tick those boxes then you may be eligible to reduce your premium for six months.

If you’ve purchased an AIG policy through one of our partners, you’re also eligible. If you’ve purchased a policy through Habito, British Seniors, YuLife, PAX Life, FRANKI and The Post Office, you're excluded.

Please get in touch or see our terms and conditions for more information.

No. If you need to reduce your monthly premium, and therefore cover or monthly benefit, your cover doesn’t need to be linked to a mortgage.

We can give you generic information on the options available and provide quotes on revised premiums or benefits. We’re not, however, able to advise you how much you can reduce your cover by. For this you should seek independent financial advice.

Five pounds is usually the minimum premium you can pay. You can always ring us to discuss your needs – however specific they are. Contact us on 0345 600 6820. Lines are open Monday-Thursday from 9am – 6pm, or Friday 9am – 5.30pm, except UK bank holidays.

No, there’s no charge for making use of this policy flexibility.

Give our our customer services team a call - 0345 600 6820 . Lines are open Monday -Thursday from 9am – 6pm, or Friday 9am – 5.30pm, except UK bank holidays.

We're happy to speak to you. We’ll explain exactly how the lower monthly premium affects the amount you’re covered for and or any claim made during the six months. We’ll also set you on the right path for your next steps.

You can also make a flexible policy request by email. Simply send the following details to enquiries@aiglife.co.uk:

• Policy number(s)
• Your name and contact number
• The premium you would like to pay

Please note: the reduction in your premium and cover amount can’t be lower than the minimum levels we allow on the cover. Just give us a call to see what we can do for you - 0345 600 6820. Lines are open Monday -Thursday from 9am – 6pm, or Friday 9am – 5.30pm, except UK bank holidays.

Before making a request, it’s important that you read the associated Terms and Conditions, which provide all the important information you need to know.

No. The premium flexibility is to help you so there’s no need to provide evidence. If you get in touch and express that you’re suffering financial difficulty or that you need extra support, we may be able to help.

When customers call and speak to us, provided they’ve expressed they’re experiencing financial difficulties and agree to the list of supplemental terms and conditions linked to this flexible policy option (including their understanding that the amount they’re covered for will be decreasing), you won’t need any other documents.

Yes. If you’ve told us you’re experiencing financial difficulty, or that you need extra support, you may be eligible for a premium reduction.

Yes. If you’ve told us you’re experiencing financial difficulty, or that you need extra support, you may be eligible for a premium reduction.

No. Simply letting us know that you’re going through a tough time financially is fine.

Once we’ve agreed the request, the amount you’re covered for (or monthly benefit) and premium will change from the date it's next due. We need ten days to process the change and amend the direct debit.

We’ll email you with confirmation that your request has been accepted, together with your new premium and revised cover amount or monthly benefit. Keep these with your Cover Details, Insurance Details or Plan Details in case there’s a need to claim.

After six months, the cover amount (or monthly benefit) and your premium will return back to the levels they were originally (before the flexible policy option was requested).

If you already pay the minimum premium, we can’t offer a further reduction.

You can reduce your monthly insurance premium for a maximum of six months. However, this means that the mortgage loan you previously protected may not be covered in full during this time.

The premium and amount covered or monthly benefit will automatically return back to the previous levels prior to the change being made at the end of the six months.

For advice on how reducing your premium will affect you, please seek independent financial advice.

Yes. You can make up to, but no more than, five flexible policy requests during the lifetime of your cover with us. If you have more than one cover with us, you can make up to, but no more than, five flexible policy requests for each cover.

There must be at least six months between one flexible policy request ending, and a further flexible policy request being applied for.

If you’ve already made a flexible policy request before 5th September 2022, this will count as one of your five requests.

Yes. You can change your mind within 14 days after receipt of the confirmation that the flexible policy request has been implemented. The easiest way to do this is to call us on 0345 600 6820. Lines are open Monday - Thursday from 9am – 6pm, or Friday 9am – 5.30pm, except UK bank holidays. 

No. The amount you’re covered for (or the monthly benefit) reduces while the premium levels are lower so there’s nothing to repay. This differs from our standard 30-day deferral options, whereby any missed premiums that have been deferred would need to be paid back.

Yes. If you decide you want to pay a lower premium at the end of six months then all you need to do is call us to make this change.

You can decide the lower premium you want to pay (this could be more than the minimum you’ve been paying) and we’ll adjust how much you’re covered for accordingly.

No, this is a permanent benefit to help when you need it.

Premiums will automatically go back up at the end of the six months. We’ll contact you two to four weeks in advance to let you know.

Yes. At the end of six months, your premium, and cover amount or monthly benefit, will automatically return to the levels they were prior to activating your flexible option under your policy, unless you notify us otherwise.

You can choose an alternate lower premium, cover amount or monthly benefit at that time which will then become your new cover. You can also request to increase the amount you’re covered for at the end of six months. This will be treated like a new application and may require further information including a doctor’s report.

You can increase back to the original cover amount or monthly benefit, or anything in between, before the end of the six month period. You’ll just need to answer some health questions to confirm your health hasn’t changed.

If your health has changed during the six month period, we may not approve an increase to your premium until it automatically increases back at the end of the six months.

For life insurance and critical illness claims, the amount payable is dependent on the cover amount at the date of the event (death, terminal illness or critical illness). If a claim is made while you’re paying a reduced premium, the amount paid out will be based on the reduced amount of cover.

For family income benefit, if a claim is agreed, it’ll be paid out at the lower monthly benefit agreed for the entirety of the claim, not just the period while premiums are reduced.

For income protection, the monthly benefit will be reduced for claims resulting from incapacity occurring during the six months, and will continue at that level for the total duration of the claim. If the six month period ends before the end of the deferred period, the premium will return to the amount it was before the six month period – but the benefit for the claim made will be at the reduced amount.