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Premium deferral update for individual protection customers

May 18, 2020, 09:33 AM

Helping our individual protection customers

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It’s more important than ever for customers to have the right protection and to maintain their chosen amount of cover – so it’s there in full to support them and their loved ones when they need it most.

Individual protection customers, who are struggling financially due to Coronavirus (COVID-19), can now defer premiums for 3 months and spread it over the following 9 months. This means customers with life insurance, critical illness, income protection, over 50s or whole of life policies can take a break from payments while retaining their current benefits and levels of cover. We are making this available to customers with personal or business individual protection policies.

Customers will be able to request a premium deferral by visiting this website. Once customers apply, we will take care of the rest of the process – with no requirement for any action from you as their adviser. There will be no change to any policy benefits, ensuring cover remains in place.


Premium deferrals are available for customers who started their policy before 1st April 2020 and have already made at least one payment, and who:

  • have been made unemployed after 1st March 2020; or
  • are self-employed and unable to work or trade due to COVID-19 and have not yet received the 80% payment offered by the Government or are not eligible for this payment; or
  • have been furloughed by their employer and have not yet received the 80% payment offered by the Government; or
  • have a business protection or relevant life policy where their business has furloughed at least 50% of employees and has not yet received any Government funding.


Customers must not already have the option to miss or defer payments within the existing terms and conditions of their policy.

How does it work?

  • At present customers can apply at any time up to 18th August 2020 for their 3 month premium deferral.
  • A 3 month payment deferral can be applied for on each eligible policy by visiting this website where they’ll find full eligibility details and can fill in an online form.
  • Once submitted, we’ll get back to your customer with a decision.
  • The full benefits provided by the policy will be maintained during the period in which payments are deferred.
  • Normal payments will continue from the 4th month onwards, with the deferred payments being repaid over a period of 9 months or the remaining term of the policy, if shorter.
  • The balance of deferred payments can also be paid as a lump sum by your customer should they wish to accelerate repayment.
  • There will be no impact on commission.
  • There will be no change to your customer’s sum assured or other policy benefits.
  • If a claim is made during the repayment period, we’ll deduct the outstanding amount from the claim payment – as is our normal process.
  • The above applies specifically to monthly premiums. Other premium frequencies may be eligible – please speak to your Aviva contact for details.

If your customer’s financial hardship is expected to last longer than 3 months, it may be more appropriate for you to consider other contractual options with them under their policy terms and conditions where there may be options to permanently alter the policy benefits with a corresponding impact to customer premium. We’ll let customers know that seeking advice from their Financial Adviser is important if they are in any doubt as to the most appropriate course of action for their individual circumstances.

We hope that by offering this premium flexibility, together we can make sure customers can maintain their cover at a time when they may need it most. For more information please visit our website or speak to your Aviva contact.

PT151073 05/2020

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