Aviva life insurance

Aviva are the largest insurer in the UK, providing life insurance to over 15 million customers[1].

In this post, we review the life insurance products offered by Aviva to help you discover whether they’re the right provider for you.

At Reassured we can help you arrange Aviva term life insurance, as well as help you to compare their offerings with other leading insurers, such as Legal & General, Zurich and AIG.

Using our FCA-regulated broker service you can compare multiple quotes to find the best deal.

Aviva life insurance key facts

  • Aviva are the largest life insurance provider in the UK
  • You must be between 18 - 77 to secure cover (cover must end by the time you are 90)
  • Policy options include level term, decreasing term, increasing term and over 50s life insurance
  • Cover amount (sum assured) can be up to £5 million with term life insurance and up to £25,000 with over 50s plans
  • Term length up to 50 years with term life insurance
  • Terminal illness cover comes as standard will all term policies
  • Critical illness cover can be added to a term life insurance policy for an additional cost
  • Aviva term life insurance can be purchased through Reassured from just £3.50 a month

Join the other 1,000,000 families in the UK who’ve secured life protection with Reassured. Our quotes are fee-free and without obligation.

History of Aviva life insurance company

Aviva have been in the industry since 1696, starting out as Hand in Hand and then Norwich Union, before officially re-branding as Aviva in 2009[2].

Aviva is now the largest UK insurance company and one of the biggest insurers in Europe. They also operate internationally in over 16 countries.

As well as life insurance, Aviva are also well-known for car insurance and home insurance, as well as retirement and investment solutions.

Aviva life insurance policy

Aviva offer a range of life insurance policies. Each policy being well suited to protecting different aspects of your life.

The option that’s best for you will depend on what you want to cover as well as your available budget.

Let’s look at these Aviva life insurance policies in more detail…

How much life insurance do you need?

Enter your financial commitments to understand the level of cover you require.

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£121,687 is the estimated average outstanding mortgage per household in the UK.

Our property is generally the largest financial commitment any of us will make.

Your life insurance should cover this significant debt should you no longer be around.

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According to Money Advice Service, full-time childcare in the UK now costs £242 a week.

The loss of a parent could result in the need for additional childcare whilst the surviving parent increases their hours to account for lost income.

Your life insurance cover should factor in this additional required outgoing.

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The average level of debt (minus a mortgage) in the UK is £15,385.

Factoring in any outstanding debts in your name when arranging life insurance ensures this burden is not passed to loved ones.

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You may wish to leave your loved ones an inheritance or lump sum gift upon your passing.

Factoring in the gift amount when arranging your cover will ensure the pay out amount will be sufficient to provide your loved ones with this selfless gesture.

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According to SunLife, the average cost of a UK funeral is now £4,417, whilst the total cost of dying is £9,493.

This is a 130% increase over the past 16 years and shows no signs of slowing down.

A significant cost which should be factored into the amount of life insurance you secure.

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If you are one of the 65% of the UK who are lucky enough to have savings, this could be used as protection if you were to pass away.

Any pay outs from existing life insurance policies and investments can also be used as financial protection for your loved ones if you were no longer around.

Factor this into your required cover amount.

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Your total cover estimate

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Let us find your best quote.

Aviva level term life insurance

  • Cover lasts for a specified period of time (between 1 - 50 years)
  • Provides a fixed lump sum pay out (up to £5,000,000)
  • Includes terminal illness cover as standard
  • Ideal for covering large debts such as an interest only mortgage
  • Can be secured through Reassured from just £3.50 a month

Aviva level term life insurance works in the same way as any other level term policy.

Cover will remain in place for a specified period of time (the term), with Aviva this can be from 1 to 50 years.

If you pass away during the term, a life insurance pay out will be made to your loved ones.

The pay out sum will remain fixed throughout the lifetime of the policy, with Aviva you can choose a cover amount of up to £5,000,000 (however, this level of cover is like to be unnecessary for most and may not be the most affordable option).

Level term life insurance is commonly used to cover large expenses. This could be an interest only mortgage, family living expenses, funeral costs, or, the funds could be left as an inheritance.

All term polices with Aviva will come with terminal illness cover as standard. This will allow you to make an early claim if you’re diagnosed with a life-threatening illness and predicted to pass away within 12 months.

Compare Aviva level term life insurance through Reassured to find the best deal.

Aviva increasing term life insurance

  • Cover lasts for a specified period of time (between 1 - 50 years)
  • Provides an increasing lump sum pay out (up to £5,000,000)
  • Includes terminal illness cover as standard
  • Ideal for protecting your pay out from inflation
  • Not currently offered by Reassured

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%.

Aviva decreasing term life insurance

  • Cover lasts for a specified period of time (between 1 - 50 years)
  • Provides a decreasing lump sum pay out (up to £5,000,000)
  • Includes terminal illness cover as standard
  • Ideal for covering a repayment mortgage
  • Can be secured through Reassured from just £3.50 a month

Aviva decreasing term life insurance is also known as Aviva mortgage life insurance.

This is because a decreasing term policy provides a sum assured that reduces over time (although premiums remain fixed).

Making it ideal for covering a repayment mortgage, as the sum assured can reduce at the same rate as your remaining mortgage balance.

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.

Why not let us help you secure the most cost-effective Aviva decreasing term life insurance?

Aviva house purchase cover

Aviva offers 90 days free life insurance (with term policies) if you're taking out a life insurance policy to cover your mortgage.

Cover will commence once your policy has been accepted, you’ve exchanged contracts and the purchase of your new home is completed.

You’ll need to provide a start date that coincides with the completion of your house purchase.

This benefit for many is worth taking advantage of, particularly as it's free.

Aviva over 50 life insurance

  • Guaranteed acceptance for those age 50 - 80
  • No medical information required
  • Cover lasts for life and guarantees loved ones a pay out
  • Provides a fixed lump sum pay out (up to £25,000)
  • Ideal for covering funeral costs or providing a small inheritance
  • Not currently offered by Reassured

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.

Unlike the other policy types mentioned, you’re not required to provide any medical information to Aviva during the application process as acceptance is guaranteed for those aged 50 - 80.

When taking out an over 50s plan through Aviva they will allow you to choose a premium amount that fits into your budget, this can be between £5 - £100 a month.

This will then dictate the level of cover you can take out (the maximum sum assured for an over 50s plan through Aviva is £25,000).

Aviva currently employ a 12-month waiting period with this type of policy, allowing them to mitigate the unknown risk involved with your application.

This means, if you were to pass away with in the first 12 months due to natural causes, a full pay out won’t be made and your premiums will be refunded to your family.

However, once the waiting period has elapsed, your loved ones will receive the full pay out when you pass away.

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.

At Reassured we can secure over 50 life insurance from other leading providers for those aged 50 - 85. Why not get in touch for your free quotes?

Aviva life insurance cost

Aviva life insurance can be secured through Reassured from as little as £3.50 a month.

However, the exact cost of Aviva life insurance will be calculated using your personal circumstances, as well as details about your chosen policy.

The information required during the application process to calculate your life insurance premiums includes:

  • Age
  • Smoking status
  • General health and wellbeing
  • Lifestyle
  • Policy type
  • Level of cover

The table below shows pricing examples of Aviva life insurance through Reassured.

Quotes are based on a level term life insurance policy with a 20 year term for a non-smoker for £100,000 of cover (please note: quotes are subject to individual status and medical underwriting).

AgePrice per month
20£3.50
25£3.77
30£4.55
35£5.68
40£7.81
45£11.12
50£16.53


Comparing quotes will allow you to secure the best possible price for a policy that meets all of your needs. Get in touch with a friendly member of our team today to get your free quotes.

Aviva critical illness cover

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).

Aviva covers 54 medical conditions, including Alzheimer’s disease, heart attack, cancer and stroke.

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.

Aviva terminal illness cover

Like other life insurance providers, Aviva offer free terminal illness cover as standard with each term 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.

Aviva free parent life 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.

Aviva additional highlights

  • Aviva offer discounts on their other products to both new or existing customers
  • Aviva offer free parent life cover for one year if you have a child/children under 4
  • Their life insurance products are rated 5* by Defaqto
  • Aviva paid out 98.9% of claims in 2018
  • Aviva pay for the medical exam if you're required to have one
  • Any plans taken out with Aviva are protected by the Financial Services Compensation Scheme (FSCS)

Aviva joint life insurance

Aviva offer the option to take out their term life insurance policies on a joint basis.

Aviva over 50 life insurance cannot be taken out on a joint basis.

With a joint life insurance policy, two lives will be covered simultaneously under one policy.

There’s only one application to fill in and you’ll only need to pay one premium - which can help you to save some money.

However, this means that there will only be one pay out (upon the death of the first partner) after which the policy will expire. Meaning the surviving partner will need to secure new cover at an older age.

Aviva joint life insurance also comes with a separation benefit, which will allow your joint policy to be split into two separate policies if you and your partner were to separate.

If it’s within your budget, it can be beneficial to secure two single policies to provide two pay outs upon the death of each partner.

Reassured can help you to conduct a full joint vs two single policies comparison to help you establish the best option to meet your needs.

Aviva life insurance in trust

Aviva provide their customers with the option to write their life insurance in trust.

Writing in trust means assigning a trustee to have 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 detach your policy from your estate and avoid or minimise 40% inheritance tax on the pay out.

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 you to write your Aviva life insurance policy in trust.

Compare Aviva life insurance quotes

Why not use the award-winning service offered by Reassured to compare Aviva life insurance?

Reassured are the largest life insurance broker in the UK* which allows us to help you compare quotes from some of the UK’s leading life insurance providers (including Aviva, Legal & General, AIG and Zurich).

We’re also able to help you compare a 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 at the best available price.

We can also guide you through the entire application process, answer any questions you might have and explain any jargon.

And the best bit...our award-winning and FCA-regulated life insurance broker service is fee-free.

Sources:

All information regarding Aviva's product offerings is taken from their website and is correct as of 14/02/2022. This is subject to change by Aviva at any time

https://www.aviva.co.uk/insurance/life-products/life-insurance/

[1] https://www.statista.com/statistics/304398/company-life-insurance-plan-ownership-in-the-uk/

[2] https://www.aviva.com/about-us/our-heritage/timeline/

[3] https://www.aviva.co.uk/adviser/documents/view/pt151147-2020_individual_protection_claims_report.pdf

[3] https://www.sunlife.co.uk/siteassets/documents/cost-of-dying/cost-of-dying-report-2021.pdf/

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