Aviva Life Insurance Review

Aviva is the UK’s largest insurance provider and offers amongst other types of policies insurance on your life which pays out in the event of your death a fixed or variable sum of money. Here’s our review.

Aviva Life Insurance Overview

The comprehensive life insurance offered by Aviva is designed to pay out in the event of your death or if you are diagnosed with a terminal illness. The cover starts at around £10 per month and there are plenty of options to suit your needs. This is one of the cheapest yet most comprehensive policies although you should seek professional help and guidance when considering this important insurance for you and your family. There are normally a few incentives available when you take out a policy such as free Marks and Spencers vouchers but these should only be considered an extra bonus if you choose this insurance policy and not a reason to choose one insurer over another.

Cover options

There are two main types of cover and policies offered although there are additional extensions and included extras which are mentioned at the end of this section. Most life insurance is actually designed to pay off your largest debt, ie: your mortgage, so that there are no debts left when you die. Some mortgage policies already have life cover included (especially if you have taken out a with profits policy so always check what cover you may already have). Here is what is on offer from Aviva Life:

• Level life insurance- which is designed to pay off an interest only mortgage because the level of cover remains the same over the term of the plan. You decide how long you want the plan for and it doesn’t have a cash in value (ie: this is not a savings plan so when you stop paying for it you no longer have any benefits). It comes with terminal illness cover (*)
• Reducing value insurance – this is designed to pay off a reducing or repayment mortgage – as your outstanding loan reduces so does the payout amount. For both of the above the premiums are decided at the beginning of the policy and are guaranteed not to increase. Terminal illness cover is included (*)
• Guaranteed whole of life insurance – is designed just to pay a fixed amount on your death at a rate of your choosing. Unlike the above plans which generally last around 25 years (the same time as your mortgage) this plan is for the rest of your life.
• Guaranteed lifelong life insurance plan – is designed for people aged between 50 and 80 with fixed premiums and designed to pay out a fixed amount on death.

(*) the terminal illness cover mentioned above means that if you are diagnosed with a terminal illness and your life expectancy is 12 months or less you will get a pay out straight away so long as you have at least 18 months remaining on your plan. See the Aviva life website for full terms and conditions.

What Else about Aviva Life Insurance ?

Like some other insurance companies Aviva Life is not on any price comparison sites and yet it is the UK’s biggest insurance company so it’s worth getting an online quote to see what you may be missing. You can get all the details on their website and get an instant quote and apply for cover on their website.