If your policy is of the reviewable type, then yes they can unfortunately. Speak with an IFA and see if you can get a better deal with a different insurer, and make sure that the existing or any new policy is suitable - I'm sure your circumstances would have changed in the 20 years since you took the policy out.

Brian

Hi, our life insurance provider have advised that unless we pay an extra £35 per month on top of the £20 per month that we have been paying for over 20 years, they will reduce our life cover from £55,000 to £23,000. Can they do this?