Aviva life insurance review

“Aviva” offers 4 types of life insurance: level life insurance, decreasing life insurance, guaranteed whole of life insurance and guaranteed lifelong protection plan insurance.

Aviva level life insurance

Level life insurance is created to protect interest-only mortgage and decreasing life insurance is used to cover mortgage and loans that are decreasing over time. The person that wants to join one of these two types of insurance has to be aged between 18 and 66 and the plan has to end until 70th birthday of the insured person. Both of these plans have no cash in value and the maximum amount of cover is £500,000.

Aviva guaranteed whole of life insurance

Guaranteed whole of life insurance is designed for people aged between 18 and 89 and cannot be used to cover the mortgage. The plan has no fixed duration and lasts until the death of the person. Terminal illness benefit cannot be included in this type of insurance and the cover can be increased together with premiums if a person chooses so. This is the only plan that can be cashed in. The maximum amount of cover offered by this plan is £5,000,000 or £2,500,000 if the yearly increased option is used.

Aviva guaranteed lifelong protection

Guaranteed lifelong protection plan can be used by people aged between 50 and 80 and like guaranteed whole of life insurance plan lasts until death. Plan has no cash in value and terminal illness benefit cannot be included. The distinguishing feature of this insurance type is that the amount of cover is not limited and a person can choose the cover himself taking into consideration the age and gender. This insurance plan is the most expensive and the premiums start from £10 because the category of people this plan is designed for carries a lot of risk because of their older age.