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.
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.
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.
The two primary insurance types the company offers are:
Some of the specific insurance policies offered include:
Note that these figures are based on a coverage level of £170,000 over 20 years.
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Reviti offers an array of life insurance benefits to help you get the most out of your policy. These include:
|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.|
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.
There are a few situations where Revitit will not approve a claim, including:
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.
As covered before, premiums can start from as low as £5.24 for non-smokers. To better understand costs, here’s an example:
The premium will differ depending on your age, occupation, health condition, and medical history.
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:
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.