Aviva Life Insurance
Aviva Life Insurance
Aviva life insurance is the sixth largest insurance company in the world by it’s income and has over 43 million customers spread across more than 20 countries.
Aviva is the leader of the UK Market in life insurance and pensions as well as general insurance.
It dates all the way back to 1696, when it was created by a merger of two insurance companies, Norwich Union and CGU plc. The company adopted the name “Aviva” in early 2002.
In the UK, Aviva has three major operations:
Aviva Life, life insurance, pensions, investments (formerly Norwich Union)
Aviva Insurance (which includes car insurance, home insurance and health insurance)
Aviva Investors (asset management)
The Aviva group has around 37,000 employees worldwide and £380 million in assets under its management.
Aviva offers two types of life insurance:
Level Life Insurance
It provides you with an amount of life insurance that remains the same throughout the plan.
If you die within the term plan, your loved ones will receive a guaranteed cash lump sum, so you can be sure that they won’t have any financial difficulties without your income.
You can choose the amount which can be up to £500,000, depending on your age.
You can also choose how long you want the cover to last for.
Decreasing Life Insurance
This type of cover is available for both you and your partner, and is created to help you with your mortgage repayment or your loan over a fixed period of time, because the lump sum that is payable on death reduces in line with the outstanding balance.
The premiums are set at the beginning of the plan to take this into consideration and they are often times cheaper than level life insurance, where the assured sum does not decrease throughout your plan.
You must know that both life plans pay out if you die during the plan but they do not have a cash in value at anytime.
What does Aviva Life insurance offer ?
Premiums start at £5 / month
Fixed monthly payments
Their cover includes Terminal Illness Benefit
If you plan has at least 18 months to run, they will pay you if you’re diagnosed with a terminal illness
They have paid 99.7% of death claims – a total of £150 million – in the first half of 2011.
Whatever your requirements are you can compare Aviva life insurance plans with hundreds of other plans from UK’s top life insurers by completing our short form. You will receive a free quote provided by an experienced FSA adviser who will offer you all the help and advice you need and explain things to you in words that you can understand with no jargon and complicated financial terms so you can rest assured about making the best decision possible knowing that if the unexpected were to happen your loved ones will be safe.
For more information on Aviva, click here to see their Wiki page.