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Aviva launch cost of living support scheme

The cost-of-living crisis has impacted thousands of families across the UK, with many people struggling to afford the essentials they need due to rising prices.

Insurance provider Aviva has decided to launch a new cost of living support scheme available for their existing individual protection customers. This will be welcome news for Aviva customers that have been facing financial difficulties in recent months.

Aviva cost of living support scheme key facts

Previously Aviva announced a payment deferral scheme during the Covid-19 pandemic. This allowed policy holders that were experiencing short term struggles financially to take a break from their premium payments temporarily. They would then make up for any missed payments at a later point.

This new scheme will work alongside this but will offer longer term support for their individual protection customers (not applicable to group or joint policies). The Aviva cost of living support scheme will:

  • Allow you to reduce the amount you are covered for (sum assured) temporarily
  • You can buy a ‘top up’ after a year or two so your cover will be at the same level (£s) as before (you may have to answer a couple of medical questions during this process)
  • You can speak to your insurance advisor who will contact Aviva on your behalf to change your policy
  • You can also contact Aviva directly if you choose to (they will inform your advisor about the policy change)
  • Aviva will remind you after one year and two years about the option of topping your policy back up to its previous level of cover if you want to do so (referred to by Aviva as a ‘communication nudge’)

How to apply for support from Aviva

You have the option of contacting Aviva directly (you may choose to if you bought your policy through them directly originally). You can also speak to your insurance broker if your policy was set up by an independent advisor.

No matter how you contact Aviva, the outcome will be the same and your cover amount will be reduced. You can keep this reduced cover amount temporarily and pay to increase later or choose to keep the lower cover amount permanently.

Other cost of living support schemes

There are also other support schemes available in the UK those who are finding it difficult to afford their monthly bills. This includes:

We also have several blogs that may be helpful as resources for cost of living information and support:

You can keep up to date with any cost of living, finance, mortgage and insurance news in our News & Blogs section.

Useful resources

Aviva – Payment deferral

Citizen’s Advice – Get help with the cost of living

Gov.uk – Cost of living support: Overview

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