Aviva Life Insurance Review For 2021
When you request a life insurance quote from WeCovr, our insurance experts will check, amongst others, Aviva insurance policies for you. They will help you decide if Aviva would be suitable for your particular circumstances. Below is some background information on Aviva life insurance for your reference.
Aviva can trace its history back to the Hand in Hand Fire & Life Insurance Society founded in London in 1696. The modern Aviva was created by a merger of two insurers in the UK called Norwich Union and CGU plc (itself created by the merger of 1998 of Commercial Union and General Accident) as CGNU in February 2000.
In July 2002, the merged company was rebranded as Aviva plc, an invented palindrome derived from "viva", the Latin for 'alive'.
Aviva is listed on the London Stock Exchange and as of time of writing has a market capitalisation of over £13bn (Aviva
). BlackRock, Inc. is currently the largest shareholder, with 5.8% of shares outstanding.
Aviva has around 16,000 employees in the UK and 29,600 people worldwide, who serve at 33 million clients globally.
Aviva is ranked as one of the largest UK insurance groups by market capitalisation of £13bn with the total assets in its latest annual report at ca. USD600bn and own capital of about USD25bn. (Source
Aviva Insurance enjoys quite a strong financial strength rating of AA- as of April 2020 from S&P (Aviva's credit ratings
In 2020, Aviva UK won a number of insurance awards, amongst others, Health Insurance Company of the Year - 11th year running, Best Individual PMI Provider, Best Customer Service and Best Provider Digital Proposition (Source
Unlike pure life and health insurers, Aviva does various other insurance classes, which tend to be poorly rated by customers. As a result, it has a relatively bad Trustpilot review rating is 1.7 with over 1,904 customer reviews in the UK (Source
) with 13% of excellent and good reviews and 87% of average, poor and bad ones.
Aviva Life Insurance highlights
In 2019, Aviva individual protection policies paid out £982m to more than 26,500 UK customers and their families, with just 3.7% of all claims received being declined. The insurer paid more than £582m to the families of life insurance customers who died or were diagnosed with a terminal illness last year. A total of 16,363 life and terminal illness claims were paid, representing 98.6% of claims received.
A further £353m was paid out on policies where either the customer or one of their children had been diagnosed with a critical illness, or where the customer met the definition for total permanent disability. A total of 4,957 claims, or 93.1%, were accepted.
Aviva offers its policyholders access to its health and wellbeing service providing support, counselling and online tools, as well as a second medical opinion service, a counselling and carer support service, and the Bupa Anytime HealthLine.
Aviva life insurance is a complex product available via advisers such as those at WeCovr. It may not necessarily be the cheapest option so to ensure that you get the right policy at the right price, it’s important to shop around and compare deals carefully.
As with many other providers, shen people choose personal protection insurance from Aviva, they have several types of policies to choose from: level term, decreasing term, increasing term, whole of life, or family income benefit.
Level cover means that the value of your plan stays the same over time. It will only change if something happens such as you make a claim or change your cover.
Indexed cover means that the value of your plan will increase each year to align with inflation and rises to the cost of living.
Decreasing cover means that the value of your plan decreases over time. This may align with decreases to your mortgage amount as you continue to pay it off.
Additional covers and options Aviva offers include:
Aviva Life insurance includes a number of free benefits such as:
- Aviva DigiCare+ helps you prevent, detect, and manage common health and wellbeing concerns directly from your smartphone
- Terminal illness cover which will pay out if you are diagnosed with an illness that is likely to cause death within 12 months
- House purchase cover meaning up to 90 days’ free life insurance if you take out a policy to coincide with a house purchase
- Easy separation benefit allows you to split a joint policy into two single policies without having to answer any extra medical questions in case you separate from your partner
- Children’s critical illness cover is automatically included if you take out your own policy. The amount payable is 50% of the cover amount, up to a maximum of £25,000 plus other children's payouts.
Optional benefits provided by Aviva include, amongst others:
- Waiver of Premium available for an additional cost and means Aviva will pay your premium for you in case you're unable to work due to illness or injury
- Conversion option lets you to convert your level term policy to a whole of life policy without answering any further medical questions.
- Fracture cover pays up to £6,000 if you suffer from one of 18 specified fractures, up to one claim per year.
- Global treatment cover which provides access to second medical opinions and overseas medical treatment.
Minimum age when buying the policy is 18 years, while maximum ages are up to 77 years old for Aviva life insurance with a maximum payout of up to £5,000,000.
Aviva review services ratings in 2021
In addition to the poor Trustpilot score of 1.7, Aviva has a 5-star score from Defaqto and a 68% score from Fairer Finance. The latter has reviewed Aviva as 18th out of 24 insurance providers reviewed mainly due to its lower claims and transparency scores than other providers:
Net promoter score of Aviva has been reported as 26, which is relatively low.
Before taking any practical steps, it is always recommended to consult your own financial adviser who will be able to look into your specific situation and assist in making those decisions.
Our FCA-authorised and award-winning insurance experts can guide you in a friendly and free phone consultation as to what life insurance plans can be most suitable to your particular circumstances and life planning.
To check how Aviva Life Insurance plans compare against other life insurance companies active in the UK, one can apply for a free, no-obligation consultation from award-winning FCA-authorised life insurance experts by filling in a quick 30-second form available here.