Aviva Life Insurance

Aviva is the biggest insurance company in the UK and the fifth largest worldwide, with a total of 53 million customers. The company was formed as a result of the merger between CGU and Norwich Union in May 2000. The name Aviva was adopted in 2002, but the history of the previous companies dates back 300 years. As well as Life Insurance Aviva offers many other types of general insurance including home, car and business. Additionally, Aviva deals in savings, investments and pensions.

In terms of Aviva life cover, there are four different types of life insurance policies to choose from, which are as follows:

Level Life Insurance

Aviva Level Life Insurance provides a lump sum on the death of the person insured, which is paid out to the next of kin. It can help to provide for the family in the event of death, and is also used to cover an interest only mortgage. This insurance cover is for a fixed term and stays at the same level throughout the life of the insurance policy. The lump sum becomes payable if the person insured dies within the term of the life insurance plan, but there is no cash value with this type of Aviva life cover.

You can choose the amount of cover you want up to a maximum of £500,000. Premiums start at £10 a month dependant on the amount of cover selected. The policy covers terminal illness but does not include critical illness cover. However, Aviva offers another type of life insurance plan, in which life cover and critical illness cover are combined.

Decreasing Life Insurance

This type of life cover is usually taken out with a repayment mortgage. This is because, as the amount of the mortgage gradually decreases, the amount of benefit that the life insurance policy pays out will also decrease. As a result of this the monthly insurance premiums are lower than with many other types of life insurance. The premiums are fixed when the policy is taken out so this means that the policyholder benefits from reduced premiums throughout the period of the life cover. This type of life insurance cover can also be used with other types of loans that reduce as the monthly payments are made.

As with level life insurance there is no cash value with this type of life insurance plan and the policy only pays out in the event of death.

Guaranteed Whole of Life Insurance

Aviva whole of life insurance covers the person insured for the whole of their life rather than just a fixed term. The person insured can select the amount of life cover that they require depending on their needs and how much they can afford to pay in premiums.

There are a range of options with this life insurance plan. One is that the plan can be put in trust; this protects the policyholder’s relatives from having to pay inheritance tax. Another option offered with this type of Aviva life insurance plan is to increase the premiums and accordingly the amount of cover by 5% a year. This helps to ensure that the amount of life cover rises in line with inflation. Aviva also offer different ways to pay for this life insurance policy.

Guaranteed Lifelong Protection Plan

This is the Aviva life insurance product that provides over 50 life insurance cover. As with whole of life cover, the policy holder is insured throughout his entire life, and a lump sum is payable on death. Premiums range from £10 to £50 per month dependant on the amount of cover selected, and remain at the same level throughout the duration of the life insurance policy. Aviva guarantee acceptance for cover to all applicants that are UK residents, aged 50 to 80 and have not exceeded the monthly premium limits that they set.

As with the other types of Aviva life cover, this policy has no cash value, and cover ceases if the policy holder stops paying premiums. The lump sum becomes payable in the event of death if the policy has been in force for 12 months or more, except in the case of death by accident, when twice the sum insured is paid out even if this occurs when the life insurance policy is less than 12 months old.

To find out more about Aviva Life Insurance plans or to obtain a life insurance quote online please fill in our online form. A member of our helpful staff will then get back to you and recommend a suitable policy either through Aviva Life Insurance or one of the many other life insurance companies that we deal with.


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