Aviva over 50s life insurance review

Aviva in an award-winning insurer, offering financial protection to UK customers for more than 300 years, but is their over 50s life insurance the best in the market?

In this review, we unpick the key features, benefits and reviews of Aviva over 50s life insurance to help you decide if it could be the most suitable option for you.

Taking out an over 50s plan could help to:

  • Pay for your funeral (average cost of a UK funeral is £4,141[1])
  • Cover future living costs for a partner
  • Clear unpaid debts
  • Provide an inheritance for loved ones

At Reassured, we can’t provide over 50s life insurance quotes from Aviva, but we can compare quotes from other leading insurers for over 50s cover.

Quotes are fee-free and start from just 20p-a-day + . Our enquiry form takes just minutes to fill in and you’ll receive our best prices.

Aviva over 50s life insurance highlights:

  • Ratings: Aviva over 50s life insurance is rated 5 out of 5 stars by Defaqto[2] and 3 out of 5 stars by Fairer Finance[3] in 2024
  • 12 month waiting period. This is the period of time from the start of the policy before full cover commences (some insurers implement a 24 month waiting period)
  • Premium payments stop at age 90. Premium payments stop after 30 years or from your policy anniversary date after your 90th birthday, but cover continues until you pass away
  • Additional benefits. Policyholders receive free access to Aviva DigiCare app which offers various health and wellbeing services
  • Aviva over 50s life insurance in trust: Policy can be written in trust to help minimise or avoid inheritance tax (40% on any part of your estate above £325,000)
  • 100% of claims paid. Aviva state that they pay out 100% of over 50s life insurance claims and provide a fast pay out for loved ones[4]

About Aviva

Aviva is a global insurance company and the largest insurer in the UK offering a range of life insurance products including:

  • Over 50s life insurance
  • Life insurance
  • Critical illness cover
  • Income protection insurance

Established more than 300 years ago and with more than 18.7 million customers across the UK, Ireland and Canada, Aviva is an experienced and trusted insurer.

We’ve written a comprehensive Aviva life insurance review and Aviva income protection review for all you need to know about the other policies they sell.

Aviva over 50s life insurance reviews Trustpilot

On Trustpilot, Aviva has an overall score of 4 stars (‘Great’) based on more than 35,000 customer reviews (correct as of June 2024).

Although, it’s important to note that these reviews aren’t exclusive to Aviva over 50s life insurance (but relate to all their products).

Review siteStar rating (out of 5 stars)Analysis
Trustpilot logo 4 stars
Great
72% of 35,000+ customers on Trustpilot have rated Aviva 5 out of 5 stars, which means most customers have received an excellent service from Aviva. The overall score of all customer reviews combined is 4 stars (‘Great’).

Aviva over 50s life insurance expert ratings

You can get a better understanding of the quality of a specific life insurance policy by looking at star ratings and reviews from industry experts.

We’ve compiled expert star ratings in the table below (correct as of June 2024). These have been provided by independent review sites, Defaqto and Fairer Finance.

Review siteStar rating (out of 5 stars)Analysis
Defaqto logo 5 stars
A 5-star rating from the experts at Defaqto suggests that this policy is considered one of the most comprehensive on the market.
Fairer Finance logo 3 starsA 3-star rating from the experts at Fairer Finance suggests that this policy offers an average level of features compared to other over 50s plans available on the market.

Reassured is rated ‘Excellent’ on Trustpilot based on over 77,000 customer reviews, making us one of the highest rated fee-free brokers in the UK.

We also compare life insurance quotes from some of the UK’s top-rated insurers, so get in touch for your free, no-obligation quotes today.

What is Aviva over 50s life insurance?

Over 50s life insurance is a type of policy that allows you to leave a lump sum behind for your loved ones when you pass away.

It’s designed for people aged over 50 who may find it difficult to secure standard types of life insurance due to their age, health or occupation, as there are no medical or lifestyle questions during the application process (you will need to provide your smoking status).

You could take out an over 50s plan to:

  • Help protect your loved ones from the cost of your funeral (average funeral cost in the UK is currently £4,141)
  • Help cover unpaid debts in your name or household bills, relieving some financial worry for those you leave behind
  • Provide an inheritance for your partner, children or grandchildren to enjoy on anything they wish

How much over 50 life insurance do you need?

Enter your financial commitments below to understand the level of over 50 life insurance you require.

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According to Uswitch, it’s estimated that 23,000 people in the UK will still be paying off their mortgage by age 75.

Although an over 50s plan can’t cover the full cost of a mortgage (as cover is capped at £20,000), it could help to contribute some funds towards keeping your family in their home.

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Research by Saga shows that nearly 6 million over 50s owe money on credit cards and loans, with average debt amongst this age group totalling £12,000.

Depending on your personal circumstances, an over 50s plan may not be able to cover all debts (as cover is capped at £20,000) but it could allow you to cover some debts in your name.

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SunLife’s Cost of Dying 2023 report found that the average cost of a basic funeral is £3,953, with the overall cost of dying totalling £9,200.

A pay out from life insurance can help to cover all or some of these costs.

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Age UK have found that many over 50s and 60s will be reliant on their pension to get by.

Life insurance can provide your partner with a helping hand on top of their pension.

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An inheritance can provide your loved ones with a cash gift to spend as they wish.

Alternatively, you could leave a portion of your pay out to a charity that’s close to your heart.

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If you already have a life insurance (or other financial protection) policy in place, and/or you have your own savings, factoring these into your sum assured could reduce the level of cover you require - helping you to save money.

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Your total cover estimate

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Let us help you find our best quotes

How does Aviva over 50s life insurance work?

This is how Aviva over 50s life insurance works:

Guaranteed acceptance for UK residents aged 50 - 80

Like other over 50s plans on the market, the application doesn’t include any health questions.

You just need to provide your date of birth and smoking status.


Fixed monthly premium between £5 and £100 a month

Your age and smoking status will affect how much you pay each month and the maximum cover amount (sum assured) you can secure.

You can choose a monthly premium that suits your needs and budget.


Premium payments stop after 30 years or age 90

Once your policy has been in place for 30 years, or you turn 90 years old, you won’t have to pay any more premiums.

With some other over 50s plans, you need to pay premiums until you pass away.


12 month waiting period

If you pass away due to an accident during the waiting period, a full pay out will be paid to your loved ones.

If you pass away due to any other reason during this time, the total amount you’ve paid in monthly premiums will be paid out.

If you pass away after the waiting period due to any reason, a full pay out will be made.


Provides whole of life cover

Over 50s life insurance offers protection for the rest of your life, as long as you pay your monthly premiums.

After the 12 month waiting period, a pay out is guaranteed.


Maximum cover amount £25,000

As mentioned above, the maximum cover amount you can secure is based on your age, smoking status and how much you want to pay each month (monthly premium cost).


100% of claims are paid

According to Aviva, they pay out 100% of valid claims, and usually within a few days.

The money from an over 50s policy could help your loved ones cover funeral costs, settle unpaid debts or be used towards an inheritance.

The features and benefits of over 50s life insurance varies between different insurers so it’s important to compare these before deciding which option is right for you.

Over 50s life insurance through Reassured starts from £5 a month, up to a maximum of £75 a month, and guarantees acceptance to UK residents aged 50 - 85.

Fill in our simple online form to receive your free, no-obligation quotes.

How much does Aviva over 50s life insurance cost?

Aviva over 50s life insurance costs between £5 and £100 a month.

Your monthly premium is calculated based on:

  • Your age
  • Your smoking status
  • Your sum assured (cover amount)

You need to pay the monthly premium for a maximum of 30 years, or until the policy anniversary date after your 90th birthday, to keep cover in place.

However, the amount you pay, and the cover amount, will always stay the same.

The table below shows some examples of how much cover you could get with an Aviva over 50s plan, compared to popular over 50s plans available through Reassuredx.

Quotes are based on a non-smoker paying a monthly premium of £20 a month:

Age of policyholderAviva over 50s plan payoutReassured popular over 50s plans pay out
50£6,681£7,417
60£4,718£5,217
70£2,650£2,864
80£1,277£1,461

This table below shows some example monthly premiums for policies arranged through us.

Quotes are based on a non-smoker taking out £4,000 of cover:

Age SunLife logo OneFamily logo
50£13.75£12.00
55£15.48£14.00
60£17.35£16.00
65£20.67£20.00
70£27.36£27.00
75£38.75£39.00
80£53.54£65.00
85£72.29-x

Comparing over 50s life insurance quotes is essential to help you find an excellent deal.

Our award-winning comparison service is fee-free and could help you save money, so get in touch with Reassured today.

Aviva over 50s life insurance benefits

If you take out an Aviva over 50s life insurance policy, you’ll benefit from the Aviva DigiCare smartphone app.

This is a free app provided by Square Health that offers free access to a range of health and wellbeing services, including:

  • An annual home health check
  • Mental health support from qualified therapists
  • Second medical opinion service
  • Bereavement support

Other services are available, as well as discounts for gyms and home fitness classes.

Please note, while you can access this extra benefit from when you take out a policy, it could be removed by Aviva at any time.

Can you write Aviva over 50s life insurance in trust?

Yes, it’s possible to write an Aviva over 50s life insurance policy in trust.

This is a legal arrangement which transfers ownership of your policy to someone else after you’re gone (a trustee) such as a friend, relative or solicitor.

Once life insurance is written in trust, it no longer forms part of your estate, which can offer several key benefits:

  • Avoid or minimise inheritance tax (currently 40% charged on any part of your estate over the £325,000 threshold)
  • Avoid the probate process for a faster pay out to your loved ones
  • More control over who receives the pay out and when (for example, if your beneficiaries are under the age of 18, you may wish to specify that they receive the funds after they reach 18 years old)

At Reassured, we offer a fee-free trust writing service with selected over 50s life insurance policies arranged through us.

The process is quick and simple, so get in touch to make the most of our award-winning service.

How to compare over 50s life insurance to find a good deal

At Reassured, we can help you compare over 50s plan quotes from different insurers to help you find the right policy at the right price.

While we can’t offer Aviva over 50s life insurance, we can offer over 50s life insurance from other leading insurers, including SunLife.

We provide a fee-free, no-obligation comparison service that’s dedicated to helping you secure affordable cover to protect your loved ones.

Our dedicated experts can also answer any questions you may have, explain the ins and out of the policies we offer and provide our best deals.

Simply fill in our simple online form today, and we’ll do our best to help you save money.

Sources:

xOur main panel of providers were responsible for 65% of all guaranteed over 50s policy sales in the UK in 2023

[1] https://www.sunlife.co.uk/funeral-costs/

[2] https://www.defaqto.com/star-ratings/life-protection/over-50s-life-assurance?search=aviva

[3] https://www.fairerfinance.com/ratings/brands/aviva

[4] https://www.aviva.co.uk/insurance/life-products/over-50-life-insurance/

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