Aviva Life Insurance Review 2024
Aviva is one of the largest insurance companies in the UK with over 15 million customers.
The maximum cover available is lower than with term insurance.
Aviva is one of the largest insurance companies in the UK with over 15 million customers.
The maximum cover available is lower than with term insurance.
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Aviva is one of the largest insurance companies in the UK with over 15 million customers. The company has a history dating back over 300 years to 1696. Today, Aviva provides a wide range of insurance products including life insurance.
Contents
Aviva offers several types of life insurance policies:
All policies automatically include terminal illness cover which allows you to claim the full payout early if diagnosed with less than 12 months to live.
Optional extras include critical illness, fracture cover, global treatment, waiver of premium, and total permanent disability. Separation benefit is automatically included, allowing you to split a joint policy in the event of divorce or separation without further underwriting.
We compare plans from the leading life insurance providers
The cost of life insurance from Aviva will depend on your personal circumstances and the cover you choose. Factors that affect the premium include:
To give an indication of costs, here are some sample quotes for £250,000 of level term cover over 20 years for a non-smoker in good health:
| Age | Monthly Premium |
|---|---|
| 25 | £5.82 |
| 35 | £12.58 |
| 45 | £26.71 |
| 55 | £68.32 |
For the same £250,000 of cover, a smoker would pay significantly higher premiums:
| Age | Monthly Premium |
|---|---|
| 25 | £11.14 |
| 35 | £23.29 |
| 45 | £64.17 |
| 55 | £178.97 |
It’s important to compare quotes from multiple insurers to find the most competitive price for the cover you need. An independent broker like Reassured or LifeSearch can quickly provide quotes from Aviva and other leading insurers to help you find the right policy at the lowest cost.
Decreasing term life insurance, also known as mortgage life insurance, is designed to help your loved ones pay off a repayment mortgage if you pass away. The cover amount reduces over the policy term, usually in line with the outstanding mortgage balance.
With an Aviva decreasing term policy:
Here are some sample quotes for £250,000 of decreasing term cover over 20 years for a non-smoker in good health:
| Age | Monthly Premium |
|---|---|
| 25 | £5.37 |
| 35 | £6.31 |
| 45 | £8.05 |
| 55 | £8.21 |
As you can see, premiums are cheaper than for the equivalent level term cover. This is because the payout your loved ones would receive decreases over the policy term. However, decreasing term cover may not be right for everyone – it’s important to consider whether level term life insurance may be more suitable for your needs.
With increasing term life insurance, also known as index-linked life insurance, the cover amount increases each year in line with inflation. This helps to protect the value of your payout from being eroded by the rising cost of living over time.
Under an Aviva increasing term policy:
Increasing term insurance premiums will start off higher than level cover and increase steeply over time. However this type of policy can provide peace of mind that your loved ones will receive the payout you intended, protected from inflation.
Whether an increasing term policy is right for you will depend on your budget and your priorities when it comes to life insurance. It’s worth comparing quotes for all policy types to determine the most suitable and affordable cover.
Over 50 life insurance offers guaranteed acceptance cover for UK residents aged 50-80. There is no medical exam or health questionnaire to complete – acceptance is automatic. This can make over 50s plans a good option if you have pre-existing conditions that might mean a traditional policy is expensive or hard to obtain.
Key features of Aviva over 50 life insurance:
The maximum cover available is lower than with term insurance. The payout from an over 50s plan is typically used to help with funeral costs or to leave a small gift to loved ones.
Premiums are based on your age and the cover amount. Higher cover levels mean higher premiums. For example, £10 per month would provide the following amounts of cover:
| Age | Cover Amount |
|---|---|
| 50 | £3,264 |
| 60 | £2,331 |
| 70 | £1,382 |
It’s important to note that depending on how long you live, there is a chance you could pay more into the plan than it will pay out. Think carefully about whether an over 50s plan is the most suitable and affordable option for your needs. Alternatives like a funeral plan may be worth considering.
A joint life insurance policy covers two lives simultaneously, usually a couple, under a single policy. It’s a cost effective way for couples to get life cover as it’s cheaper than paying for two individual policies.
Aviva offer joint policies on their level, decreasing and increasing term life insurance. Both lives are covered but the policy only pays out once – usually on the first death. After a claim is made, the policy ends and the surviving partner would need to take out a new single policy if they still require cover.
Some key benefits of Aviva joint life policies:
Whether a joint or two single policies are better will depend on your individual circumstances and budget. Two single policies provide two payouts and allow each partner to tailor their cover independently. However, joint policies are cheaper and may be more affordable.
Here are some sample quotes showing the savings with an Aviva joint life policy vs two single policies. Quotes are for £150,000 of level term cover over 20 years for a couple in good health:
| Age | Joint Policy | Two Single Policies | % Saving |
|---|---|---|---|
| 20 | £6.26 | £7.00 | -11% |
| 30 | £9.78 | £10.90 | -10% |
| 40 | £18.80 | £20.62 | -7% |
| 50 | £45.44 | £48.28 | -6% |
It’s worth comparing both options, or speaking to an independent broker for advice on which route would be most cost-effective.
Critical illness cover pays out a tax-free lump sum if you’re diagnosed with one of a set list of serious illnesses during the policy term. It can help relieve financial pressure if you’re too ill to work, paying for things like mortgage payments, household bills and medical costs.
Aviva offer the option to add critical illness cover to a life insurance policy. It will pay out if you get one of 52 conditions they cover such as cancer, heart attack, stroke and multiple sclerosis. Once a claim is paid, the policy will end.
Children’s critical illness cover is automatically included for free, covering your children up to age 21 for 32 illnesses. It pays 50% of your cover amount up to a maximum of £25,000.
Other key features of Aviva critical illness cover:
Adding critical illness cover will significantly increase the cost of life insurance. Here are some sample quotes for £250,000 of level term life and critical illness cover over a 20 year term for a non-smoker:
| Age | Monthly Premium |
|---|---|
| 25 | £47.18 |
| 35 | £96.86 |
| 45 | £186.13 |
As the likelihood of suffering a serious illness is much higher than dying young, critical illness cover premiums are expensive. However, many people value the protection it can provide as a financial safety net if you were to become seriously unwell.
Whether it’s worth adding critical illness cover depends on your individual needs, circumstances and budget. Consider how you and your family would cope financially if you couldn’t work due to illness and whether you have other protection like income protection or health insurance. An independent protection adviser can help you decide if critical illness cover is right for you.
Aviva life insurance policies come with several benefits included at no extra cost:
Optional benefits available for an additional cost include:
These extra benefits can add value and peace of mind beyond the core life insurance. Other optional benefits like increasing cover or renewal options are also available for an added premium.
It’s always worth checking exactly what benefits are included with a policy and which you would have to pay more for. An adviser can talk you through the options to build a comprehensive protection package that fits your needs and budget.
To attract new customers, many insurers offer free gifts and incentives to those taking out a life insurance policy. These can include things like gift cards, vouchers and cashback.
At the time of writing, Aviva are offering £120 of gift cards to customers who purchase a new over 50 life insurance policy by 28 June 2024.
You can choose from:
To qualify for the offer you must:
Bear in mind that not all providers or brokers will have an incentive deal available. Where they do, the value and type of gift can vary. Incentives can seem very appealing but it’s important to look beyond them.
Focus on getting the right policy for your needs first – that protects your loved ones sufficiently – and treat any free gifts as a bonus rather than the main reason for choosing a particular insurer. An independent broker can compare the whole market to find the most suitable and competitive policy.
Putting life insurance in trust is an excellent way to ensure your payout reaches your loved ones quickly and intact. In the simplest terms, writing your policy in trust allows you to specify who you want the payout to go to (the beneficiaries) and who will be responsible for distributing it (the trustees).
The key benefits are:
Aviva offer customers a free online trust service to make it simple and convenient to write your policy in trust from the outset. They have two options:
While it’s easy to do, putting your life insurance in trust is an important decision that cannot be undone. It’s essential you understand the implications and get advice if unsure. An independent broker can explain how trusts work and guide you through the process as part of their service.
Of course, any life insurance policy is only as good as the claims paying ability of the provider. You need to know you can trust an insurer to handle your claim sensitively, efficiently and fairly in your loved ones’ time of need.
Aviva’s 2022 claims data shows:
To start a life insurance claim with Aviva, you need to contact their claims team by phone or email. They are available Monday-Friday 8am-6pm. The dedicated claims line is 0800 015 1142 (+44 1603 603 277 from outside the UK).
You will need to provide the policy details and evidence of death, usually the original death certificate. The Aviva claims assessors will talk you through the process, what they need and the next steps.
If you claim is approved, Aviva aim to payout within 5 working days. They can also offer a £11,000 advance within 24 hours to help with funeral costs or other immediate expenses.
Having your policy in trust should mean faster payment as probate is not required. It’s important to consider this to ensure funds reach your beneficiaries as quickly as possible.
Remember, all insurers have slightly different claims processes and requirements. It’s worth finding out upfront what support they offer to make a difficult time easier.
At Life Cover Quotes, we can help you compare Aviva life insurance quotes, as well as quotes from other leading UK insurers, to assist you in finding the most competitive deal for your specific needs and budget. We offer a wide range of life insurance policies, including level term life insurance, decreasing term life insurance, increasing term life insurance, whole life insurance, and over 50s plans.
Fill in our online short form, and then sit back while we do the hard work of comparing quotes from Aviva and other top providers. Once you’ve completed the online form, you’ll receive personalised quotes from the trusted brokers we work with, enabling you to easily compare your options and select the most suitable policy at a price that works for you.
Whether you’re looking for a policy to protect your mortgage, provide financial security for your loved ones, or cover your funeral expenses, our experts are on hand to guide you through the process and answer any questions you may have. We understand that everyone’s circumstances are unique, which is why we take the time to understand your individual needs and tailor our recommendations accordingly.
Don’t spend hours searching for life insurance quotes online – let us do the legwork for you. Simply complete our online form, and we’ll provide you with a selection of highly competitive quotes from Aviva and other leading insurers, empowering you to make an informed decision and secure the right life insurance cover for your peace of mind.
| Type | Plan name | Rating |
|---|---|---|
| Critical illness (standalone) | Critical Illness Plan Increasing | 3 |
| Critical illness (standalone) | Critical Illness Plan Decreasing | 3 |
| Critical illness (standalone) | Critical Illness + | 5 |
| Critical illness (standalone) | Critical Illness + Upgraded | 5 |
| Critical illness (decreasing) | Life Insurance + | 5 |
| Critical illness (decreasing) | Life Insurance + Upgraded | 5 |
| Critical illness (level term) | Life Insurance + | 5 |
| Critical illness (level term) | Life Insurance + Upgraded | 5 |
| Critical illness (direct standalone) | Critical Illness Plan Decreasing | 4 |
| Critical illness (direct standalone) | Critical Illness Plan Increasing | 5 |
| Income protection | Living Costs Protection | 3 |
| Income protection | Income Protection + | 5 |
| Life assurance (direct) | Life Insurance Plan | 5 |
| Life assurance (decreasing) | Decreasing Cover | 3 |
| Life assurance (decreasing) | Simple Life Insurance | 3 |
| Life assurance (decreasing) | Life Insurance + | 5 |
| Life assurance (decreasing) | Life Insurance + Upgraded | 5 |
| Life assurance (level term) | Simple Life Insurance | 2 |
| Life assurance (level term) | Life Insurance Plan | 3 |
| Life assurance (level term) | Life Insurance + | 5 |
| Life assurance (level term) | Life Insurance + Upgraded | 5 |
| Whole of life assurance | Whole Of Life Insurance + | 4 |
| Over 50s life assurance | Over 50's Life Assurance Plan | 5 |
| Defaqto ratings were reviewed on 01/10/2023 | ||
