Your pension life cover review

You may have received a letter from us recently following a review of the cost of your life cover. On this page, we’ll briefly outline why we carry out these reviews, what they may mean for you, and your options.

Why do we carry out reviews?

How much it costs us to provide the level of life cover you have chosen can change over the years. We need to make sure the level of life cover, and what you pay, are properly matched, which is why we carry out reviews.

Ultimately, we want to make sure you are contributing the right amount to support your life cover, which would be paid out if you died.

Sometimes following a review, your payments need to increase to support the same level of life cover. If you do not want to do this there are other options available to you.

Got a question?

Call us on 0370 241 6945

Why might the cost of your life cover change?

There are a few things that can affect how much cover costs. Trends in life expectancy and survival rates for some major illnesses are two examples. We also make assumptions about investment performance. We invest the contributions you pay in things such as shares in companies, and how we expect these investments to perform can affect how much your cover costs.

Our current assumption for pension investment growth over the longer term is 5.25%. Whilst equity markets have performed strongly in recent years, the ongoing low interest rate environment suggests we may be set for a period of lower long-term returns.

Things that affect how much your cover costs


Life expectancy


Survival rates


Investment performance

Have your payments increased?  Are you unhappy with this?

The result of our review may mean your payments will need to increase to continue to support your current life cover (the amount your dependants would receive if you died within the term of your policy). There are other options available to you – you may be able to keep your payments the same and reduce your life cover.

It’s important to consider your needs and circumstances – is your current level of cover sufficient to support your dependants if you were no longer around?

If you have any questions about this you can:

 Call us on 0370 241 6945

(Mon-Fri 8am to 6.30pm; Sat 9.30am to 12.30pm)

 Write to us:

Zurich Assurance Ltd
Tricentre One
New Bridge Square