Aviva Life Insurance

AVIVA PLC is the largest general insurer in the UK and a multinational insurance company with about 33 million customers across 16 countries. Whilst the current form of the company was created when Norwich Union merged with insurer CGU in May 2000 (and the AVIVA name was subsequently changed in April 2002) the company’s origins can be traced back to 1696. AVIVA is a Public Limited Company headquarters in London with a primary listing on the London Stock Exchange, and is a constituent of the FTSE 100 Index. Their headquarters are in London.

The History of Aviva

Aviva PLC can trace its history back to 1696 when the Hand-in-Hand Fire and Life Insurance Society was formed at Tom’s Coffee House in London (it has since been absorbed but is recorded as one of the oldest insurance companies in Britain). The Aviva Group holds an archive containing holdings that date back over 300 years and cover every area of the business through more than 650 constituent companies.

Aviva was created by a merger of two British insurance firms, Norwich Union and CGU plc as CGNU in 2000. The name Aviva was adopted later in July 2002. Now the product of multiple mergers, Aviva PLC is the UK’s largest insurance and financial services group and the seventh largest insurer in the world. The Company cotinued to use Norwich Union as a trading name in the UK up until June 2009, when it became formally know as Aviva.

Aviva has an impressive customer base, with over 53 million customers in over 28 countries. Aviva encourages a healthy lifestyle, so much so they have been the number one supporting company for British Athletics since 1999.

Aviva Life Insurance Policy Review

Aviva’s Life Insurance+ offers a comprehensive and flexible policy, with many extra benefits. Aviva allow you to choose the amount of cover you want, with their flexible protection starting from just £5 per month. Aviva paid out 98.6% of life insurance claims in 2019.

Aviva Life Insurance Cover

Available options with Aviva Life Insurance

Life Insurance	Aviva Options
Types of Cover offered	Term Life Insurance Decreasing Term Life Insurance Increasing Term Insurance Family Income Benefit
Minimum Age Entry	18 years old
Maximum Age Entry	77 years old
Maximum Benefit	Unlimited
Terminal Illness Cover	Yes
Premium Type	Guaranteed Renewable Annually increasing

Aviva Life Insurance Key Benefits

Benefit	Details
Life Change Benefit	This allows you to increase your benefit if for example you get married, have children or buy a bigger house.
Separation Benefit	If you have a joint policy and go through a separation, you can split to two separate policies.
Indexed/Increasing Cover	You can choose a fixed or indexed increasing benefit, to ensure inflation won't make your benefit worth less in the future.
Free Benefits	Aviva offers lots of additional benefits for free with your policy, mostly through DigiCare+.
Additional Benefits	It is also possible to benefit from other options which you pay a little extra for.
House Purchase Cover	Included with level or decreasing cover, this gives free life cover while you're buying a house.

Additional Benefits

You can also choose to pay extra for the following:

Additional Benefit	Details
Fracture Cover	This additional benefit provides a lump sum pay out if you fracture a bone.
Global Treatment	This benefit gives you access to Best Doctors expert second medical opinion and overseas medical treatments.
Waiver of Premium	If you are unable to work because you are ill or injured and you have this benefit, your premiums would be waivered
Renewal Option	This allows you to renew your policy without having to answer any more health and lifestyle questions.
Conversion Option	This means you have the option to convert your policy to a whole of life policy at any point without extra questions.
Extra Care Cover	Additional support if you are diagnosed with a condition that results in severe and permanent symptoms. Only available with life and critical illness cover.
Total Permanent Disability	This means your full cover amount would be paid if you have an illness or injury which means you can't work or perform at least three of the work-related tasks listed in your policy conditions.

Frequently Asked Questions

What happens if I out-live my Term Life Insurance policy?

A Term Life Insurance policy does not provide a cash sum if you are still alive at the end of the term. Premiums tend to be lower for such policies as the majority will out-live their policy. Term Life Insurance policies are generally taken out by people who do not want to leave any financial burden on their family such as mortgage payments.

What is the difference between Over 50’s and Whole of Life Cover?

Both policies will pay out a lump sum upon your death at any age. Generally speaking, Whole of Life cover tends to have cheaper premiums over an Over 50’s plan as you have to disclose your medical information. The most cost effective option for you depends on whether you would benefit from your medical history being disclosed or not. Although the premiums of a Whole of Life policy tend to be lower, you will pay the premium until you pass away, whereas Over 50s plans often have an upper age limit. While your cover will remain, you are no longer required to make payments - usually when you reach 90 years old or the 30^th anniversary of your policy.

Can I add Critical Illness to my Life Insurance?

Yes, should you suffer a serious illness Critical Illness cover will pay out a tax-free sum. This can be an add on to your Life Insurance policy or bought separately. Speak to one of our expert advisors to find out which policy would best suit your needs.

Who gets the money if my children are young when I die?

Setting up a Life Insurance policy is designed to protect loved ones and writing the policy into trust goes a step further in achieving this goal. This enables you to select who would hold the money for your children until they reach a certain age should you die. This will often be a partner, sibling or close friend as they will have a legal responsibility to carry out the wishes of the person creating the trust.

Will my cover cost more as a smoker?

Life Insurance is a risk-based product and so with the significant health impacts that smoking can have on a person, the insurance companies will charge someone a higher premium should they smoke. A smoker is usually defined as someone who has used any nicotine product in the last 12 months although some insurance companies have changed this to longer periods. If you took a policy while smoking and you no longer smoke, you should contact us to review your policy.

Will my cover cost more if I vape?

Vaping is a recent trend which insurance companies and health bodies have had to educate themselves on. The vast majority of e-cigarettes still contain a level of nicotine which can be addictive and so anyone who uses such products will still be classed as a smoker.

Is my premium fixed?

Most people tend to like the idea of their premium never changing as it provides stability and peace of mind – these are known as guaranteed premiums. Reviewable premiums are sometimes opted for whereby the premium can start at a lower amount but increase over of the course of the policy.

Will my Life Insurance payout be taxable?

No, your insurance payout will not be liable for tax.

Why Compare Health & Life Insurance with us?

Here at Usay Compare, we can help you to compare prices and cover from the market leading UK health and life insurance companies such as Aviva, AXA and Bupa. Our service is completely free of charge and we are totally independent and impartial.

Our team of friendly, expert advisers are on the end of the phone, ready to guide you easily through the whole process. They will get to know your unique individual requirements, do all the hard work comparing prices and policies for you; then advise on the best and most cost-effective quote.