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ActiveQuote Global Reach, Dunleavey Drive Cardiff South Wales CF11 0SN 0800 862 0373

Aviva Life Insurance| ActiveQuote

Aviva life insurance aims to give its customers “confidence and control” over their lives, offering a life insurance policy that aims to be easy to understand and adaptable. Here, we provide an overview of Aviva life insurance, breaking down its benefits, features and policies.

Types of Aviva Life Insurance

Aviva has offered term life insurance with two different types, along with other variants:

  • Term insurance with increasing cover
  • Term insurance with decreasing cover
  • Over 50s life insurance
  • Free parent life cover

This means Aviva only pays out a cash lump sum and lacks any form of family income benefit. To qualify, you must be aged between 18 and 89 with cover until you turn 90. It is important to inform Aviva of any pre-existing medical conditions. You must also be a resident of the UK, excluding the Channel Islands, Isle of Man and Gibraltar).

Term Insurance with Increasing Cover

With term insurance increasing cover, your monthly payments increase each month while the cover amount increases in line with inflation. This product is designed to keep you protected from rises in inflation. At current, Aviva offers a maximum annual increase of 15% to your premium and 10% to your cover amount. Usually, those looking to cover their salary, maintain current living standards, want to have funds to cover tuition fees and/or those who are looking to keep paying mortgage payments upon pay-out will prefer this option. Insured parties can choose up to £5m in cover, with added benefits such as protection should they pass away at any time during the policy term, a lump sum payment if they’re diagnosed with a terminal illness that will end life within 12 months, and a flexible length of cover until 90 years of age.

Term Insurance with Decreasing Cover

Decreasing cover means your monthly payments will stay the same but the cover amount decreases to zero as time goes on. This is designed specifically with a mortgage in mind, wherein the overall cover amount falls in tandem with an insured party’s mortgage payments. This is strictly to protect against mortgage debt. The terms are the same as term insurance with increasing cover.

Over 50s Life Insurance

Over 50s life cover is strictly for UK residents between the age of 50 and 80. Monthly premiums cannot extend past £100, with cover starting from £5 per month. Premiums are fixed for life, but after 30 years, or upon reaching a 90th birthday, no more payments are required but the cover remains the same. This plan does not cover for inflation, however. Along with guaranteed acceptance, Aviva’s life insurance policy allows those enrolled in the insurance to take up multiple plans (as long as the total value doesn’t exceed £100), as well as a guaranteed cash lump sum. However, there is no payment if an insured party dies within 12 months of taking out the policy if it is from an accident. Joint cover is not included.

Free Parent Life Cover

This plan offers a year of free insurance to parents for each child under the age of 4 if the parent falls between the ages of 18 and 66. No purchase is needed, covering up to £15,000 worth of cover. The cover stops once you move out of the UK, and does not cover death from alcohol and drug abuse.

Aviva Life Insurance Review and Results

Aviva life insurance policy led to the following underwriting results in 2018:

  • Acceptance of 96% of claims overall
  • 16,200 life claims accepted, of which 98.9% were accepted