Aviva Life Insurance Review 2024

Aviva is one of the largest insurance companies in the UK with over 15 million customers.

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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.

Aviva Key Facts

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  • Aviva offers several types of life insurance: level term, decreasing term, increasing term, family income benefit, over 50s, and whole of life
  • Terminal illness cover is automatically included with term policies
  • Critical illness cover can be added for an extra cost, with 52 conditions covered
  • Policies come with access to the Aviva DigiCare+ app which provides health and wellbeing services
  • Separation benefit allows a joint policy to be split if you divorce or separate
  • House purchase cover provides free life insurance for up to 90 days when taking out a policy alongside a mortgage
  • Fracture cover and global treatment can be added as paid-for optional extras

Aviva Life Insurance Policy Summary

Aviva offers several types of life insurance policies:

  • Level term life insurance: Pays out a fixed lump sum if you die within the policy term. Cover amounts up to £5 million available. Term lengths from 1-50 years.
  • Decreasing term life insurance: Designed to help pay off a repayment mortgage. The cover amount decreases over time but premiums stay fixed. Cover up to £5 million available.
  • Increasing term life insurance: The cover amount increases each year in line with inflation (CPI). Premiums also increase annually. Protects your payout from losing value over time.
  • Family income benefit: Pays a monthly income instead of a lump sum if you pass away during the policy term. Income payments would continue until the policy end date.
  • Over 50s life insurance: Guaranteed acceptance whole of life cover for UK residents aged 50-80 with no medical information required. Premiums stop at age 90 but cover continues.
  • Whole of life insurance: Pays out a lump sum whenever you pass away, rather than within a fixed term. Cover options include level or increasing.

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.

Aviva Life Insurance Cost

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:

  • Your age
  • Whether you smoke
  • Your health and medical history
  • The cover amount
  • The policy term
  • The type of cover (level, decreasing, increasing)

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.

Aviva Decreasing Term Life Insurance

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:

  • You can choose a cover amount up to £5 million
  • The policy can last between 1 and 50 years
  • Premiums are cheaper than level term cover as the risk to the insurer reduces over time
  • Terminal illness cover and separation benefit are included as standard
  • Critical illness cover can be added for an extra cost

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.

Aviva Increasing Term Life Insurance

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:

  • The cover amount increases each year in line with the Consumer Prices Index (CPI) up to a maximum of 10%
  • Premiums also increase by 1.5x the rate of CPI up to a maximum of 15% per year
  • You can opt-out of the increase up to 3 times in a row, after which the cover will remain fixed
  • If CPI doesn’t increase then both the cover and premiums will remain level
  • All other benefits are the same as level or decreasing term insurance

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.

Aviva Over 50 Life Insurance

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:

  • Guaranteed acceptance for 50-80 year olds, regardless of health or medical history
  • The payout amount is fixed (up to £25,000) and is paid as a lump sum when you die
  • Premiums are fixed for life and stop at age 90, but cover continues
  • No cash-in value at any time and cover will cease if you stop paying premiums
  • Only available as a single life policy (so no joint or critical illness options)

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.

Aviva Joint Life Insurance

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:

  • Can be up to 40% cheaper than the combined cost of two single policies
  • Both partners get the same cover for a single monthly premium
  • The separation benefit allows the policy to be split into two single policies without answering further medical questions if you divorce or separate
  • A policy split can only be done for a limited time and age restrictions apply

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.

Aviva Critical Illness Cover

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:

  • Available to applicants aged 18-64
  • Cover available up to £1 million
  • Includes free £25,000 of children’s cover
  • Additional payment benefit provides some cover for less severe illnesses
  • Upgraded cover available for an extra cost, covering more illnesses

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 Benefits

Aviva life insurance policies come with several benefits included at no extra cost:

  • Terminal illness cover: Pays out early if you’re diagnosed with a terminal illness and given less than 12 months to live.
  • Separation benefit: Allows joint policyholders to split the policy into two single plans without further underwriting if they divorce or separate.
  • House purchase cover: Provides up to 90 days free cover when taking out a policy in conjunction with buying a house.
  • Free parent life cover: £15,000 of life cover for each parent per child under 4, lasting for 12 months.
  • Aviva DigiCare+ app: Policyholders get access to the Aviva DigiCare+ smartphone app with health and wellbeing services like annual health check, nutrition and mental health support.

Optional benefits available for an additional cost include:

  • Global treatment: Access to medical treatment abroad.
  • Fracture cover: Pays out up to £6,000 if you break one of 18 specified bones.
  • Waiver of premium: Aviva will pay your premiums if you can’t work due to illness or injury.
  • Total permanent disability: Pays out if you become permanently unable to do your own occupation or suffer permanent failure of 3 out of 6 activities of daily living.

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.

Aviva Life Insurance With Free Gift

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:

  • Marks & Spencer gift card
  • Tesco gift card
  • Amazon.co.uk gift card

To qualify for the offer you must:

  • Be aged 50-80
  • Not be an existing Aviva policy holder
  • Be a resident of the UK, Channel Islands or the Isle of Man
  • Make 6 monthly payments

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.

Aviva Life Insurance In Trust

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:

  • The payout is paid direct to your beneficiaries, not into your estate
  • This avoids the need to go through probate which can significantly delay access to the funds
  • The payout does not count towards your estate for inheritance tax purposes, avoiding a potential 40% tax
  • You can control who gets the money in what proportions
  • Funds are protected in case of any future remarriage

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:

  • Discretionary trust – for single or joint life policies, allows flexibility to change beneficiaries
  • Survivor’s trust – for joint policies only, allows surviving partner to benefit from payout

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.

Aviva Life Insurance Claims

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:

  • 99.4% of life insurance claims were paid
  • Total value of payments was £731.6 million
  • Average payment was £58,736

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.

Compare Aviva Life Insurance Quotes

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.

Defaqto ratings

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