Key Features of Aviva’s Comprehensive Life Insurance Product Offerings

Aviva’s comprehensive life insurance product offerings include:

Quick Facts

Term Assurance / Level Life Insurance
(With or Without Options)
Mortgage Life Insurance / Decreasing Life Insurance Guaranteed Whole of Life Insurance Guaranteed Lifelong Protection / Over 50s Life Insurance
Primary purpose of product

Provides a lump sum for loved ones/creditor.

Covers a mortgage (interest-only mortgage).

Provides insurance cover needed for a specific time period.

Covers a repayment mortgage or loan.

Provides a lump sum for loved ones/creditor.

Provides insurance cover needed for a specific time period.

Provides a guaranteed lump sum for loved ones/creditor.

Can cover for end of life expenses or to help cover inheritance tax.

Provides cover for the rest of the Person Insured’s life.

Provides a lump sum for loved ones/creditor.

Can cover for end of life expenses.

Provides cover for the rest of the Person Insured’s life.

Plan basics

- Cover amount stays the same throughout the life of the plan

- The amount of cover and the length of cover are selected at the onset

- Cover decreases monthly (where decrease is usually made to coincide with the amount of the mortgage as it is paid)

- The length of cover is set at the beginning of the policy

- Guaranteed cash sum upon death claim.

- Sum assured can increase when the yearly increase option is taken (increase is at 5% compounded annually)

- Payments within the first 12 months of the policy:

  • Equivalent of the premiums paid if death is by sickness / natural causes
  • The sum insured if death is due to accident

- Payments after the first 12 months of the policy

  • The sum assured if death is by sickness / natural causes
  • Twice the sum insured if death is due to accident

- Pays out a guaranteed cash sum upon the death of the Person Insured

- Payments within the first 12 months of the policy:

  • Equivalent of the premiums paid if death is by sickness / natural causes
  • The sum insured if death is due to accident

- Payments after the first 12 months of the policy

  • The sum assured if death is by sickness / natural causes

- Twice the sum insured if death is due to accident

Cover limits

No maximum

If critical Illness is included, life and critical illness is capped at £2,000,000 for all policies with Aviva

No maximum

If critical Illness is included, life and critical illness is capped at £2,000,000 for all policies with Aviva

£5,000,000, or, if yearly increase option is taken, £2,500,000

Higher sum assureds can be applied for and evaluated on a case to case basis. This will depend on medical evidence and the date of the Person Insured.

No limits, but depending on client’s unique circumstances

Cash-in value

None

None

Only if the single premium payment is selected, and the cash in value will always be less than the actual premiums paid

None

Eligibility
Minimum age at entry

16

16

18

50

Maximum age at entry

- 89 (term assurance with no options)

- 59 (critical illness cover is included)

- 54 (premium protection is included)

- 63 (renewal/

conversion is included)

- 66 for life insurance cover

- 59 (critical illness cover is included)

- 54 (premium protection or mortgage payment protection is included)

89

80

Other eligibility requirements

Must be a resident of the UK

Must be a resident of the UK

Must be a resident of the UK and premiums charged must not exceed the prescribed premium limits (monthly premiums of £100)

Must be a resident of the UK and North Ireland (excluding the Channel Islands and the Isle of Man)

Length of Cover
Minimum term

- 1 year for life cover

- 1 year for life with critical illness (with guaranteed premiums)

- 6 years for critical illness cover with reviewable premiums is included

- 3 years

- 5 years if mortgage payment protection is included (as long as the plan ends before the Person Insured’s 76th birthday)

- 6 years if critical illness cover with reviewable premiums is included (as long as the plan ends before the Person Insured’s 76th birthday)

3 years

Not applicable

Maximum term

- 40 years (but the Person Insured’s age should not be more than 75 if guaranteed critical illness cover is included

- 50 years as long as the age is not over

  • 90, if term assurance cover with no options or reviewable critical illness cover is included
  • 69 if premium protection is included
  • 64 if premium protection is included

- 40 years, as long as the person is not older than

- 64 if mortgage payment protection is included

- 69 if premium protection is included

- 75 if life cover only or life cover with critical illness cover is included

Not applicable

Not applicable

Maximum age

70 years old

70 years old

Plan ends at death, no age limit.

Plan ends at death, no age limit.

Premiums

Premiums can either be paid monthly or annually

Premiums can either be paid monthly or annually

Premiums can be paid:

- Monthly

- Through a limited premium term

- Through a single premiums

Premiums can be paid monthly for 30 years or up until the plan anniversary after the Person Insured’s 90th birthday, whichever comes earlier

Future changes in premiums?

Premiums can either be guaranteed or reviewable (especially if reviewable critical illness is included).

Premiums can either be guaranteed or reviewable (especially if reviewable critical illness is included).

No, if regular premiums are paid. But if the yearly increase option is taken out, the premiums will also go up by 5%, compounded annually.

No, premiums are guaranteed.

Minimum premium

£5 monthly

£50 yearly

£5 monthly

£5 monthly

£7 monthly

£50 annually

£500 for single premium

Maximum premium

£50 monthly

None, dependent on maximum cover (which is £2,000,000 with Critical Illness cover)

£100 monthly per life insured

£50 monthly

(If taking out more than one plans, the maximum total monthly premiums should be no more than £100 per life insured)

Guaranteed premiums Yes Yes Yes Yes
Reviewable premium Yes Yes No No
Additional benefits
Terminal illness Yes Yes No No
Joint life cover Yes Yes Yes No
Critical illness cover

Yes (optional, integrated into the life cover)

Yes (optional, integrated into the life cover)

Yes (but taken as an independent cover)

Yes (but taken as an independent cover)

Mortgage payment protection

Optional

Optional

No No
Premium protection

Optional

Optional

Optional

Optional

Renewal option

Optional

No

Not Applicable

Not Applicable

Conversion option

Optional

No

Not Applicable

Not Applicable

Separation option Yes Yes

Not Applicable

Not Applicable

Yearly increase option Yes Yes

Yes, but not on limited premium or single premium cases

Yes
Other benefits

- Accident, Sickness or Unemploy-ment

- Repayment Guarantee

The life insurance products from Aviva are actually basic life insurance products that are further enhanced by options and additional benefits, some of which are optional.

Plan Details

Payment

The policy will pay out the death claim when the Person Insured dies within the plan term and as long as the policy remains in force.

Number of Policies

More than one policy can be allowed, as long as the total monthly premium does not exceed the maximum limit.

Cash-In Value

There are no cash-in values for the plans, except for the Whole of Life policy when the premiums are paid in one lump sum.

Additional Benefits/Options

Terminal Illness Benefit

The Terminal Illness Benefit pays the Sum Insured (unless another amount is specified in the Policy Summary) when the Person Insured is diagnosed with a Terminal illness before the last 18 months of the end of the policy. This terminal illness is such that it is advanced or has rapidly progressed into a condition that is no longer curable and which will result in death do greater than twelve months after the date of the diagnosis. Once payment is made for this benefit, the cover will end.

For the benefit to be payable, the diagnosis and medical reports should be provided by countries in the European Union, as well as in Australia, Canada, Malta, New Zealand, Norway, Switzerland and the United States.

Repayment Guarantee

Applicable for a Decreasing Life Insurance plan, this will pay the outstanding loan/mortgage in the event that the life insurance coverage amount is less than the outstanding loan. This is payable when:

Accident, Sickness and Unemployment

This helps provide mortgage payments when the Person Insured is unable to work for more than 30 days due to illness or injury (caused by an accident). It will also provide the same protection if the Person Insured becomes unemployed or has to leave work to become a carer (of a specified loved one).

The Person Insured can choose the type of coverage, which can be:

For Aviva to provide the cover, the Person Insured should be:

Benefit conditions:

Benefit exclusions:

The plan will not cover illness or injury resulting from:

The plan will not pay for unemployment:

The plan will not pay for a carer claim:

Critical Illness Cover

This pays a specified amount (usually the same as the sum insured) in the event the Person Insured is diagnosed with a covered critical illness. For the benefit to be payable, the Person Insured must survive for at least 14 days from the date of the diagnosis. The critical illness must also be included in the list of covered critical illnesses and must meet the definitions provided in the policy. The critical illness cover automatically includes children’s critical illness.

The Critical Illness Cover will pay if the Person Insured is diagnosed with:

Partial payments (the lower between £20,000 or 20% of the critical illness cover amount) will be made for diagnosis of the following:

For each of these illnesses, there is a limit of only one claim. Any claim for this will not affect subsequent claims for the critical illness cover.

Other cover details:

Income Protection

This pays out a monthly income in case the Person Insured is unable to work due to illness or accidental injury. The monthly income is computed based on a percentage of the Person Insured’s current income. This means that the Person Insured has been in a full time occupation prior to the disability.

The disability may be based on:

The benefit under the Income Protection benefit may be affected by other income that may have resulted from the Person Insured’s being disabled. This includes:

The monthly payments will stop if the Person Insured:

Mortgage Payment Protection

This provides monthly payments to the mortgage if the Person Insured is unable to work due to illness or accidental injury. Premiums for this are reviewable – first, before the fifth anniversary of the plan, and annually thereafter. This is not available if the Premium Protection is selected.

Other details:

The benefit to be paid out should not exceed:

Aviva will stop paying this benefit when:

Even if Mortgage Payment Protection benefits are not stopped, the amount being paid out may change to reflect the Person Insured’s changes in employment and income. Other factors that may affect the benefit payments include:

Premium Protection/Waiver of Premium

This pays for the life insurance premiums in the event that the Person Insured becomes totally disabled due to illness or injury. Total disablement may be defined as one’s occupation or based on the personal capability assessment.

Benefit details:

Definition of disablement:

Conversion Option

This provides the Person Insured with the option to convert the Term Coverage into another term assurance or whole of life coverage at any time without needing to provide further medical evidence.

Other details:

Renewal Option

This allows the Person Insured to get a new plan when the term of the policy ends. He does not need to show any medical evidence. The rates used will be the rates at the time of the renewal.

Other details:

Separation Option

This is for mortgage life insurance policies covering two people (i.e. spouses who have entered into a mortgage together). In the event that the two spouses separate, the two persons covered can take out two new policies without having  to show further medical evidence. The existing mortgage must then be named after one of the spouses, or the two take on a new mortgage.

Other details:

Exclusions

The cover will not pay for a fatal accident caused by:

How to Make a Claim

When making a claim, Aviva will usually require the following:

To secure your family's future, fill in the form on the right and get your term life insurance quote now.

Types of insurance:
Term life insurance 101:
Life insurers:
*Scottish Provident 2012 life cover claims paid report.
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