Aviva Life Insurance
Term Assurance
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Founded |
1797 |
Documents
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Company Type |
Public Limited Company |
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Company Overview |
Aviva is the largest insurance group in the UK. It is one of the leading providers of life and pensions products to Europe, providing around 34 million customers worldwide with insurance, savings and investment products. They are the UK’s largest insurer and one of Europe’s leading providers of life and general insurance. |
Life Insurance Overview
There are three levels of life insurance available including Aviva’s Simplified Life Insurance, Term Assurance and Aviva’s Whole of Life Insurance.
The Simplified cover has a streamlined underwriting process offering both level and decreasing term assurance with additional terminal illness cover.
Aviva’s Term Assurance has a modular approach that offers you a variety of options including critical illness, which also comes with a children’s benefit. Recognising individuals circumstances change over time the policy also includes premium protection, conversion and renewal options.
Aviva paid out 99% of Life Insurance claims in 2013
Aviva’s Term Assurance includes Life Change and Seperation options which allow you to alter the policy should your circumstances change during the term of the plan.
Optional Critical Illness Insurance is available covering over 40 serious illness with partial payments for a further 11 illnesses.
Aviva’s Home Purchase Cover provides you with up to £500,000 of free life cover from when you exchange contracts to when your house purchase is complete
Aviva’s Policy Conditions
An overview of the key policy details of Aviva’s Life Insurance proposition.
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Overview of Key Policy Details
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Policy Type |
Life Insurance Options |
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Policy Options |
Level term life assurance with terminal illness cover (Term Assurance), level or decreasing term life insurance with critical illness option (Simplified) and and whole of life insurance. |
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Policy Coverage |
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Underwriting |
Full Medical Underwriting |
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Premium Type |
Guaranteed. |
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Terminal Illness Cover |
Yes |
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Terminal Illness Cover |
Only available with Aviva’s Term Assurance cover |
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Critical Illnesses Covered |
55 critical illnesses are covered |
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Children’s Critical Illness Cover |
Only available with Aviva’s Term Assurance under the Critical Illness option |
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Indexation |
Optional |
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Waiver of Premium |
Optional for Aviva’s Simplified and Term Assurance. Not available on Whole of Life Insurance |
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Maximum Cover |
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Minimum Cover |
Driven by the minimum premium. Whole of Life minimum premium is £100 |
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Max. Policy Term |
50 years / No maximum (Whole of Life) |
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Min. Policy Term |
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Min. Entry Age |
16 – 18 years of age |
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Max. Entry Age |
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Guaranteed Insurability |
No |
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Policy Exclusions |
Suicide or self-inflicted injury within 12 months of the policy. Some exclusions apply under the Term Assurance cover including; alcohol or drug abuse and criminal acts. Pre-existing conditions are excluded under the children’s cover. |
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Application Process |
We can arrange for a paper application, however we would recommend that you complete your application with one of our independent insurance experts over the telephone on 0208 432 7333. This is to ensure that you have not missed anything and will not risk any failed claims due to non-disclosure in the future |
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Claims Telephone Number |
You can call Aviva’s Claim’s Department on 0800 0151142 or 01904 723520 |
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Other Aviva Policies |
Other Insurers
Drewberry reviews Aviva Life Insurance…
Term Assurance
Offers you the flexibility to choose standard life insurance cover and a variety of add-ons including guaranteed or reviewable premiums and a critical illness option that includes a children’s benefit.
This offers you financial flexibility and means that your beneficiaries can potentially have a lump sum payout on the event of your death or one of 55 qualifying critical illnesses with the added reassurance that your children are also covered.
Pre-existing conditions are also only excluded in the case of the children’s cover and death in the event of a self-inflicted injury or suicide is only excluded within the first 12 months of the policy. For life cover only, the maximum age of entry also goes up to 89 and you can be covered for up to 50 years.
Simplified
Offers both a level and decreasing term option, which can help to reduce your premiums. A decreasing term life insurance policy is best suited anyone with a repayment mortgage so that the level of cover reduces with the outstanding balance on your mortgage.
You can also opt to include terminal illness under this life insurance cover. Exclusions on this policy are also minimal with only a partial exclusion death caused by self-inflicted injury or suicide within the first 12 months of the policy. A joint policy based on a first death basis is also available.
Whole of Life Cover
Offers you maximum cover up to £5,000,000 under a level term option. You can also take out a yearly increase option for up to £2,500,000. Age of entry starts from just 16 and far exceeds most policies with a maximum entry age of 89.
There are no limits on eligible ABI terminal illness claims, which can be made up to the last day of the policy. Aviva also offer up to £1m cover during the application process for up to three months, which they call a ‘protection promise’.
Aviva Life Insurance – Questions and Answers
A series of commonly asked questions with regards to the policy coverage of the Aviva Life Insurance plans.
Q. I have a joint mortgage with my husband, can we both be covered on the same life insurance policy with Aviva?
A. Yes. Joint cover is available under all of the Aviva Life Insurance policy on a first death basis. This means that in the event of the first death the policy will terminate. Although the first payout could help with paying off your mortage, the remaining partner would be left behind without cover, which will mean taking out a more costly policy an older age.
Having said that, if you have no family or dependents then a joint cover plan could be the best option for you. Aviva Whole of Life also gives you the choice of first or second death but does not pay out twice.
However, if you have a family or plan to have children we would recommend considering having two separate policies, especially given that the cost of two separate plans is a little more each month yet offer double the protection, paying out twice. Having two separate policies is also particularly beneficial if you plan to add the critical illness option.
Q. I have a repayment mortgage, does Aviva have an option where my cover declines over time?
A. Both Aviva’s Term Assurance and Simplified products offer a decreasing term option.
Q. If I want to increase my cover in the future can I do that with an Aviva Life Insurance policy?
A. No. However, if you opt for reviewable cover and the premium goes up – you do have the option to decrease your cover or remove critical illness to bring the cost of your premiums down. Please note, you will not get a refund of any premiums in these circumstances or if you choose to cancel the policy.
Q. If I add critical illness cover to the Aviva Term Assurance policy does it payout twice?
A. Aviva’s Term Assurance life and critical illness cover pays out a lump sum if you either die or are diagnosed with a critical illness that meets their plan definition and then survive for at least 14 days.
On this plan, Aviva only cover the critical illnesses defined in their plan. The plan ends if they pay out the cash sum on death, terminal or critical illness. It continues if Aviva pay out under additional critical illness benefit or children’s benefit.
Q. How Flexible is the Guaranteed Whole of Life Insurance Plan with Aviva?
A. An extra cover feature is also available to Aviva Guaranteed Whole of Life Plan customers, which would allow you to increase your cover at a later date without needing to provide further medical information.
However, the extra cover feature can only be used to cover an increase in potential inheritance tax liability caused by a gift or inheritance of cash or residential property that you have received or a change in legislation.
There is no limit on the number of times you can use the extra cover feature but the minimum increase each time is £1,000. The maximum increase allowed overall is the lower of £500,000 and 50% of the initial life insurance amount.
Please note, that if you increase your cover under the extra cover feature, you’ll take out a new plan for the extra cover. This means your total premiums will increase.
