The review is being overseen by Mike Hoban, the director of customer and brand marketing. It is understood that WWAV will repitch for the business.
The agency was appointed in June last year following a competitive pitch. TeamSpirit, which was one of the two incumbent agencies at the time, managed to retain its place on the roster.
This latest review follows the departure of WWAV Edinburgh's managing director, Jane Ulke, who had close ties with the Scottish Widows business.
Partners Andrews Aldridge, the company's lead strategic direct marketing agency, is understood to be unaffected.
The financial services brand, which has long used the image of a caped woman to advertise its products, has pledged to increase its marketing spend to £15 million this year.