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Reviti life insurance review 2021

Reviti is a relatively new life insurance agency launched in April 2019 in the UK. Swiss-American tobacco giant Philip Morris International owns the company.

The company’s life insurance policies are underwritten by Scottish Friendly, who paid 99.5% of all life insurance claims made in 2019.

Who is Reviti Life Insurance For?

Reviti life insurance

Reviti is a market disruptor that has taken a different approach to life insurance

Reviti is a market disruptor that has taken a different approach to life insurance. The company predominantly offers policies to smokers, ex-smokers, and switchers (what the company calls those who opt for smoke-free alternatives).

Although its services are mainly aimed at smokers and those looking to quit, Reviti also offers life insurance policies at competitive prices to customers who have never smoked.

What Makes Reviti Different?

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Reviti doesn’t pool smokers, ex-smokers, and switchers into the same category, unlike other traditional insurance companies. If you’re an ex-smoker, there’s a chance that you’ve been paying higher premiums. Instead, Reviti offers specific policies to accommodate different types of clients. We go into detail below.

What Types of Life Insurance Does Reviti Offer?

The two primary insurance types the company offers are:

  • Level Term: Where the insurance payout remains the same throughout the policy. This is useful for paying an interest-only mortgage or leaving a lump sum to your family.
  • Decreasing Term: Where the insurance payout drops over time, along with the premium you pay. This type of policy is helpful for repayment mortgages or other types of debt that reduce over time.

Some of the specific insurance policies offered include:

  • Smokers Life Insurance: Premiums starting from £6.96 per month.
  • Vapers Life Insurance: Premiums starting from £6.46 per month.
  • Ex-Smokers Life Insurance: Premiums starting from £5.47 per month.
  • Non-Smokers Life Insurance: Premiums starting from £5.24 per month.

Note that these figures are based on a coverage level of £170,000 over 20 years.

Features and Benefits of Reviti Life Insurance.

We compare plans from the leading life insurance providers

Reviti offers an array of life insurance benefits to help you get the most out of your policy. These include:

  • Reviti Payback: A fantastic initiative where if you quit tobacco, nicotine, and vaping for 12 months or more, Reviti pays back the 12-month cost of your life insurance policy. A great benefit that showcases the company’s desire to help customers quit smoking.
  • Free Terminal Illness Cover: All policies come with this add-on for free, which will see that you receive an early payment of your policy if you’re diagnosed with a terminal illness and given less than 12 months to live.
  • Maximum payout of £750,000.

Overview of Reviti Life Insurance Key Policy Details

Cover Options Level Term. Decreasing Term.
Cover Period Between 5 to 50 years.
Critical Illness Cover Not Available.
Maximum Applicant Age 80.
Minimum Entry Age 18.
Whole of Life Policy Not Available.
Joint Life Policy Not Available.

What changes can you make to your policy?

Once you’ve completed your application, you won’t be able to change the coverage term or value. Get in touch with Reviti to get a better idea of their change policies and rules.

What’s Excluded From Reviti’s Life Policies?

There are a few situations where Revitit will not approve a claim, including:

  • If you commit suicide within the first 12 months of the policy.
  • If you stop paying your insurance cost. The company gives a 30 day period when you’ve missed the payment, after which your policy will be cancelled, and you won’t receive anything back.
  • You’ve lied or provided incorrect details during the application process.

Reviti Life Insurance Ratings.

A great way to compare insurance policies you’re interested in is to check independent reviews by professional rating companies.

The UK rating company Defaqto awarded Reviti a 2 Star Rating for its Term Life insurance policy.

How Much Does Reviti Life Insurance Cost?

As covered before, premiums can start from as low as £5.24 for non-smokers. To better understand costs, here’s an example:

  • A 40-year old active smoker looking for a decreasing term policy with £150,000 worth of mortgage protection over 25 years will be paying around £15.77 per month.
  • The same applicant looking for a level term policy with the same coverage would pay around £25.44 per month.

The premium will differ depending on your age, occupation, health condition, and medical history.

What Level of Cover Does Reviti Provide?

The max cover provided by the company is £750,000. However, this only applies if you are between 18 and 40-years old. If you’re older, the max coverage that you can apply for when starting your application is lower. The figure drops as follows:

  • £500,000 if you’re between 41 and 50
  • £300,000 if you’ve between 51 and 60
  • £160,000 if you’re between 61 and 65
  • £100,000 if you’re between 66 and 70
  • £50,000 if you’re between 71 and 75
  • £25,000 if you’re between 76 and 80

Is Reviti Life Insurance Right For You?

Reviti is a fantastic option if you’re a smoker, ex-smoker or looking to quit. It’s also ideal if you vape or use other smoke-free alternatives. The company’s business model is shaped around providing bespoke policies for each type, unlike other traditional insurers, who often pool everyone into one category. This can result in unnecessarily high premiums.

Another great benefit is the company’s Reviti Payback incentive, which can help you quit smoking. Receiving 12 months of insurance payments back could be a big help. The company does state that it offers competitive prices for non-smokers. However, it’s missing some features that you’ll find with other insurance firms. Such as joint life policies, critical illness cover, and whole of life insurance.

It’s worth noting that as part of its commitment to offering life insurance to as many people as possible, Reviti has a maximum entry age of 80-years old. This is a lot higher than many traditional insurance firms, which usually cap-off between 64 and 70 years old.