Award-winning life insurance provider Legal & General were…
In this post, we review the life insurance products offered by the largest insurance provider in the UK, Aviva.
Aviva life insurance products available include:
At Reassured, we can help you arrange these types of cover with other leading insurers, such as Legal & General, Zurich and AIG from just 20p-a-day*.
Using our FCA-regulated broker service you can compare multiple quotes to find the best deal.
Join the other 1,000,000 families in the UK who’ve secured life protection with Reassured and contact our award-winning team today, (it’s FREE).
The history of Aviva as an insurance provider in the UK goes all the way back to 1696.
Starting out as 'Hand in Hand', then 'Norwich Union' in 1797 and eventually becoming 'Aviva' in 2002.
Aviva is now the largest UK insurance company and one of the biggest insurers in Europe. They also operate internationally in over 16 countries.
Aviva is probably best known for its insurance products, such as car, home and life insurance.
This works in the same way as other level term insurance policies.
You arrange a fixed lump sum pay out (or sum assured) to go to your loved ones if you were to pass away within the term.
The cover remains in place for a specified term length, from 1 to 50 years, and the sum assured doesn't change.
If you were to pass away before the term ends, then your loved ones will receive a full life insurance pay out.
This type of cover is commonly used to cover:
You may also want to leave behind some funds to cover the cost of your funeral or to provide an inheritance for loved ones.
Some life insurance policies can be set up with increasing term insurance.
This is similar to level term insurance, however, the level of cover will increase annually in line with inflation.
If you're mindful that you may not pass away for quite some time, then you could protect your pay out from being worth less in the future.
This way you'll still have a sufficient pay out sum to cover all the original costs that you took out a life insurance policy for.
Aviva increase the amount of cover as determined by the Consumer Prices Index (CPI), to a maximum of 10% increase.
Your monthly premiums would also increase to a maximum of 15%.
Also described as Aviva’s mortgage life insurance, decreasing term insurance is the opposite of increasing term insurance.
A decreasing term policy will (as the name suggests) provide a decreasing level of cover over time, although premiums remain fixed.
This type of policy is typically chosen to cover a repayment mortgage, where the outstanding balance decreases as time passes.
The policy length is usually set to mirror that of the mortgage, protecting what is for the majority of us, our most valuable asset.
So, if you were to pass away during the term, your loved ones would be able to cover the mortgage and remain in the family home.
It's common across different insurers for decreasing term cover to be cheaper than other policy types and Aviva is no different.
Over 50s insurance, also known as an over 50s plan, offers a guaranteed pay out to your loved ones after you pass away.
This form of cover is often used to cover a funeral, clear outstanding debts and/or leave an inheritance.
The insurer usually bases your premium on how much you can afford each month. With Aviva this can be from £5 up to £100 per month.
As with other over 50s plans, the key benefit is you're not required to provide any medical information to Aviva to secure cover.
Aviva currently employ a 12-month waiting (or qualifying) period.
So, if you were to pass away with in the first 12 months of natural causes, you won't receive a pay out and your premiums will be refunded to your family.
Aviva also describe this as their whole of life policy, as cover lasts for the rest of your life. However, premium payments will finish either on your 90th birthday or after 30 years of the policy.
Aviva used to offer a £50 M&S voucher to new customers taking out an over 50s plan, however, currently, they're not offering a welcome gift.
An over 50s plan could be a good alternative to a funeral plan, as the sum assured is usually sufficient to cover the cost of a funeral (and more).
The cost of a funeral has rapidly increased in the UK over recent years and is set to increase further.
Funeral plans are not affected by inflation, however if you've an over 50s plan then it's possible the value of your pay out will decrease over time.
Aviva doesn't offer a funeral plan option, however, you could take out a funeral plan separate to your life insurance.
At Reassured, we offer over 50 life insurance to anyone aged between 50 to 85 years old. We can also compare a number of funeral plans.
Aviva offers 90 days free life insurance if you're taking out a life insurance policy to cover your mortgage.
Once the purchase of your new home is completed, your cover will commence.
This benefit for many is worth taking advantage of, particularly as it's free.
Critical illness cover can be included with level term or decreasing term policies, with a term between 5 to 50 years.
If you're diagnosed with a critical illness (and survive more than 10 days), you’ll be able to make a claim on your policy.
This could provide financial protection for you and your family at a time when you're unable to work.
To take out critical illness cover with Aviva you need to be aged 18 - 64 years old and the maximum cover is £1 million, (although this sum will be unnecessary for most).
You’ll receive a pay out if diagnosed with a critical illness, that is specified in the policy, (and you survive more than 10 days).
It's important to note that once you've made a claim, then the policy will end and you'll no longer be covered.
Some medical conditions come under their critical illness benefit, of which they pay out only a percentage of your total cover amount, to help with any surgery or treatment.
Meaning you'll be left with the remaining cover if you were to fall ill again.
Reassured are able to offer critical illness cover alongside most life insurance policies for an additional cost.
With Aviva’s critical illness plan, your children would also be covered for any of the specified illnesses.
As long as the child is between 30 days and 21 yearsˆ and survives the illness for at least 10 days, then a percentage of the cover amount will be paid out, (up to 50% and a maximum of £25,000).
If the child was to pass away during the policy term, then Aviva will pay a children’s death benefit of £5,000 on top of any funds received with critical illness cover.
If you're a parent in the UK and have a child or children under the age of 4, then you could be eligible for free parent life cover for one year with Aviva.
Aviva offers up to £15,000 worth of cover, with zero premiums, for parents between the ages of 18 to 66.
Although, it's always sensible to check your eligibility and any terms and conditions.
Like other life insurance providers, Aviva offer free terminal illness cover as standard with each life insurance policy.
If you're diagnosed with a terminal illness and predicted to pass away within 12 months then you would be able to make an early claim on your policy.
The pay out could be used to help your dependants cope with the loss of an income, pay for a carer or make adaptions to your home to make your last days more comfortable.
The sum assured can be up to £5 million for level term or decreasing term life insurance.
Although, for most, this level of cover is simply not necessary.
As mentioned, the cost of an over 50s plan from Aviva is between £5 and £100 per month and the sum assured is up to £25,000.
However, if you're over 50 but in good health, you may want to look at a whole of life policy.
The sum assured is much higher and the relative cost of your premium may be cheaper.
Aviva provide their customers with the option to write their life insurance in trust.
Writing in trust means assigning a trustee control of your policy after you pass away.
The trustees will be responsible for making any claims and distributing the pay out as per your wishes.
The main benefit of using a trust is that you can avoid 40% inheritance tax, as a pay out doesn't form part of your estate.
At Reassured we offer a free trust service on the majority of the policies we arrange, where we can guide you through the process and help with the application.
As mentioned, Reassured don't currently arrange cover from Aviva.
However, Reassured are the largest life insurance broker in the UK**.
We compare quotes from a wide range of leading insurers, including Legal & General, AIG and Zurich.
This means we're able to compare prices on a wide range of policies, including level term, decreasing term, whole of life, over 50s plans, critical illness and funeral plans.
Our highly knowledgeable team will provide you with all the information you need to help you find the right policy.
We can also guide you through the application process and explain any jargon.
And the best bit...our award-winning and FCA-regulated life insurance broker service is completely free to use.
All information regarding Aviva's product offerings is taken from their website and is correct as of 01/11/2021. This is subject to change by Aviva at any time
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