Aviva Life Insurance

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Aviva Life Insurance: A Comprehensive Review (2023)

Aviva Life Insurance is a well-known insurance provider with a longstanding history in the UK and beyond. Its reputation for reliable and flexible coverage has made it a popular choice for those seeking quality life insurance. This in-depth review will provide detailed insights into Aviva's life insurance offerings, including its history, policy features, benefits, and more.

A Glimpse into the History of Aviva

Aviva's roots stretch back more than 320 years, making it one of the oldest insurance companies in the UK. The company's journey began in 1696 with the formation of the Hand-in-Hand Fire and Life Insurance Society in London's Tom's Coffee House. Over the centuries, Aviva has grown and evolved through various mergers and acquisitions, with Norwich Union and CGU plc being the most notable predecessors.

The Aviva name came into existence in 2002 after the merger of Norwich Union and CGU plc in 2000. Aviva continued to trade as Norwich Union in the UK until 2009, post which it formally adopted the Aviva brand. Today, Aviva is the UK's largest insurer, serving over 15 million customers, and is also one of the world's top insurance providers.

It's also important to note that Aviva places a high emphasis on promoting a healthy lifestyle. In fact, the company has been the primary supporting entity for British Athletics since 1999.

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Overview of Aviva Life Insurance

Aviva Life Insurance+ is a robust and versatile policy that includes numerous extra advantages. The policy's flexibility allows customers to choose the level of coverage that fits their needs, with protection starting from as little as £5 per month. Impressively, Aviva paid out 98.6% of life insurance claims in 2019.

Now that we have a solid understanding of Aviva's background and its life insurance offering let's delve deeper into the specifics of its policy.

Aviva Life Insurance Policy’s key features and benefits:

Aviva Life Insurance+ offers a comprehensive policy that is brimming with additional benefits. Here are some key features that set Aviva apart:

  • Flexibility: Aviva allows you to choose the amount of coverage you want, starting from just £5 per month.
  • Comprehensive Coverage: Aviva's Life Insurance+ offers a wide range of cover options to suit individual needs.
  • Free Additional Benefits: Aviva Life Insurance+ includes numerous free benefits, such as Aviva DigiCare+, providing access to a suite of health support services.
  • Optional Extras: Aviva also offers a range of optional extras that can be added to your policy for an additional cost.
  • Children's Cover: Aviva's Critical Illness Cover includes Children's Critical Illness Cover free of charge.
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Life insurance monthly premium based on following ages for Aviva life insurance policy

Age£50K Cover£100K Cover£200K Cover£500K Cover
20£5£5£5£8.23
25£5£5£5.18£12.31
30£5£5£6.56£15.59
35£5£5.69£10.4£23.38
40£5£9.44£15.6£34.01
45£6.45£11.01£23.28£51.9
50£11.66£20.72£36.19£83.35
60£20.34£39.87£69.66£155.1

Prices are based on a non smoking male, in good health, drinking 16 units of alcohol a week and living in TW7 4EY with no family history of illness or disease. Prices correct as of 7th August 2023

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Delving Deeper into Aviva's Life Insurance Offerings

Life insurance is a crucial aspect of financial planning, and Aviva's offerings in this area are designed to provide comprehensive protection. Let's explore the specifics of their life insurance policies.

Aviva’s Level Term Life Insurance

Aviva's Level Term Life Insurance is designed to provide a fixed amount of cover for a specified term. This type of policy is ideal for those wishing to leave a lump sum to their loved ones in the event of their death. The payout amount remains constant throughout the policy term, making it a simple and straightforward option for life insurance.

Aviva’s Decreasing Term Life Insurance

Also known as Mortgage Life Insurance, Aviva's Decreasing Term Life Insurance offers a decreasing sum assured over the policy term, making it an ideal choice for those with repayment mortgages. The sum assured decreases in line with the outstanding mortgage balance, ensuring that your loved ones can pay off the mortgage if you pass away during the policy term.

Aviva’s Increasing Term Life Insurance

With Aviva's Increasing Term Life Insurance, the sum assured increases annually, providing an effective hedge against inflation. This ensures that the payout maintains its purchasing power over time, offering real financial protection to your loved ones.

Aviva’s Over 50s Life Insurance

Aviva's Over 50s Life Insurance is designed to cater specifically to the needs of those aged 50 and above. This policy offers a guaranteed payout upon death, ensuring that your loved ones are financially protected. With no medical underwriting required, acceptance is guaranteed, making it an accessible option for older individuals.

Aviva's Critical Illness Cover

Aviva offers Critical Illness Cover as an add-on to its life insurance policies. This cover provides a lump sum payout upon the diagnosis of a specified critical illness, providing financial support during a challenging time. Aviva's Critical Illness Cover includes coverage for a wide range of conditions, offering extensive protection.

Aviva Life Insurance Benefits

Aviva Life Insurance policies come with a host of benefits that enhance the value of their offerings. These benefits can significantly augment the policy's coverage and provide additional peace of mind.

Free Additional Benefits

Aviva Life Insurance+ includes Aviva DigiCare+, a suite of health support services offered at no extra cost. This service includes access to Bupa Anytime HealthLine, mental health support, second medical opinion, physiotherapy, annual health check, nutrition consultation, gym discounts, and bereavement counselling.

Optional Extras

For those seeking additional coverage, Aviva offers optional extras that can be added to the life insurance policy for an extra premium. These include Digital GP Consultations, Fracture Cover, Global Treatment, Extra Care Cover, and Funeral Benefit.

Children's Cover

When you take out Critical Illness Cover alongside your Aviva Life Insurance, Aviva covers your child automatically. This protects all your children if they're aged between 30 days and 18 years (21 if in full-time education).

Cost of Aviva Life Insurance

The cost of Aviva Life Insurance is dependent on several factors, including the type of policy, the level of cover, the policy term, and the individual's health and lifestyle. Aviva's flexible policies start from just £5 per month, making it an affordable option for many. However, for a more precise estimate, it's recommended to obtain a personalised quote.

Aviva Life Insurance Reviews

Customer reviews are a valuable source of insight when considering a life insurance provider. Aviva boasts an 'Excellent' rating on Trustpilot, with a score of 4.5 out of 5 stars based on over 25,000 reviews. The company's Life Insurance+ and upgraded products also hold a 5-star rating by Defaqto, further highlighting its reliability and customer satisfaction.

Buying Aviva Life Insurance

Purchasing Aviva Life Insurance can be done directly through Aviva or via an independent insurance specialist. Independent insurance specialists can provide personalised advice and help you find the best cover at the most competitive price. They can also assist with the application process and provide support if you need to make a claim in the future.

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Aviva Family Protection and Its Benefits

Aviva's family protection plans are designed to provide comprehensive coverage for your loved ones in the event of your passing. These plans offer financial security and peace of mind, ensuring that your family's needs are taken care of even when you're no longer there to provide for them.

One of the key benefits of Aviva's family protection plans is the option to include a children's benefit rider. This rider provides coverage for your children, offering financial support for their education, healthcare, and other needs. By including this rider in your policy, you can have the assurance that your children's future is protected, even if the unexpected were to happen.

Aviva Treatment Coverage and Its Significance

Aviva understands that medical expenses can be a significant financial burden, especially when faced with a critical illness or the need for specialized treatment. That's why Aviva offers treatment coverage as part of their life insurance policies.

Aviva's treatment coverage provides financial support for medical treatments, including surgeries, hospital stays, and specialized therapies. By including this coverage in your policy, you can have peace of mind knowing that you will have the financial means to seek the necessary treatment without worrying about the associated costs.

Aviva Life Insurance Key Facts and Benefits

Aviva Life Insurance offers a range of key benefits and features that set it apart from other providers in the market. Here are some key facts and benefits to consider when evaluating Aviva as an insurance provider:

1. Comprehensive Coverage

Aviva offers a wide range of policies that cater to various needs and life stages, ensuring that you can find the right coverage for your specific situation.

2. Flexible Options

Aviva allows policyholders to customize their policies by choosing the coverage amount, policy term, and additional riders. This flexibility ensures that you can tailor your policy to meet your unique needs.

3. Living Benefits

Aviva's life insurance policies come with the option to add living benefits such as critical illness coverage and long-term care coverage. These benefits provide financial support during challenging times and give you the assurance that you will have assistance when you need it most.

4. Financial Security

By having a life insurance policy in place, you can have peace of mind knowing that your loved ones will be financially protected in the event of your passing. Aviva's policies offer a lump sum payout that can be used to cover various expenses and maintain the standard of living for your family.

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Aviva Life Insurance Login and Customer Portal

Once you have obtained an Aviva Life Insurance policy, you will have access to their customer portal, which allows you to manage your policy online. The Aviva Life Insurance login gives you the convenience of accessing your policy information, making premium payments, and updating your personal details from the comfort of your own home.

The customer portal also provides access to important documents such as policy statements, premium receipts, and beneficiary information. It serves as a centralized hub for all your policy-related needs, making it easy to stay organized and informed.

Is Aviva Life Insurance Worth it? An In-depth Analysis for 2023

After thoroughly examining the policies, coverage options, benefits, and customer experiences, the question remains: Is Aviva Life Insurance worth it? The answer ultimately depends on your individual needs, financial situation, and risk tolerance.

Aviva Life Insurance offers comprehensive coverage options, flexible policies, and a range of benefits that cater to various life stages. The ability to customize your policy and add living benefits provides added value and peace of mind. Additionally, positive customer reviews and experiences indicate a high level of customer satisfaction.

However, it is important to evaluate your specific needs and compare Aviva's offerings with other insurance providers in the market. Consider factors such as affordability, coverage limits, and the reputation of the provider. By thoroughly assessing your options and seeking guidance from a financial advisor, you can make an informed decision about whether Aviva Life Insurance is the right choice for you.

Aviva Life Insurance in Trust (Avoid or Minimize IHT)

One important consideration when setting up your life insurance policy is whether to put it in trust. Placing your Aviva Life Insurance policy in trust can help avoid or minimize inheritance tax (IHT) liabilities.

By placing your policy in trust, the payout from the policy will not be considered part of your estate for IHT purposes. This means that the funds can be distributed to your beneficiaries without being subject to IHT, potentially saving your loved ones a significant amount of money.

Consulting with a financial advisor or estate planning professional can help you navigate the process of placing your Aviva Life Insurance policy in trust and ensure that your assets are protected for your beneficiaries.

Aviva Life Insurance Claims

In the unfortunate event of a policyholder's passing, it is crucial for beneficiaries to understand the process of filing a claim with Aviva Life Insurance. Aviva aims to make the claims process as straightforward and efficient as possible to provide timely support to grieving families.

To initiate a claim, the beneficiaries or the executor of the estate should contact Aviva's claims department and provide the necessary documentation, including the death certificate and policy details. Aviva's claims team will guide them through the process, ensuring that all requirements are met and the claim is processed promptly.

Aviva's commitment to excellent customer service extends to the claims process, providing compassionate support to families during a difficult time.

Aviva Life Insurance: The Verdict

Aviva's longstanding history, comprehensive policies, and excellent customer reviews make it a solid choice for life insurance. Its flexible policy options cater to a wide range of needs, and the inclusion of numerous additional benefits adds significant value to their offerings. However, as with any financial product, it's important to carefully consider your individual circumstances and compare various options before deciding on the right cover for you.

Whether you're seeking life insurance to protect your family's financial future, cover a mortgage, or provide a nest egg for your loved ones, Aviva Life Insurance offers a range of solutions to meet your needs. With its commitment to customer service and extensive coverage options, Aviva continues to uphold its reputation as a trusted and reliable insurance provider.

At the end of the day, choosing a life insurance provider is a personal decision that should be based on your individual needs, preferences, and financial situation. Aviva's comprehensive offerings and customer-centric approach make it a strong contender in the life insurance market, and it's certainly worth considering in your search for the perfect policy.

Remember, life insurance is not a one-size-fits-all product, and what works for one person might not work for another. It's always a good idea to speak to an independent insurance specialist such as Free Price Compare before making a decision to ensure you're getting the right cover at the best price.

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*Life Insurance: £5 per month, based on 30 year old non smoking male taking a £85000 level term cover for 20 years. Price correct as of 19/11/2019

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