Do I get any money back if I don't die before the life insurance policy term ends?
No. There's no cash value at any time. At the end of your life insurance policy term you stop making payments and your cover ends.
Can my mortgage be covered with life insurance?
If you have an interest-only mortgage, your outstanding mortgage loan stays the same until you repay it at the end of the mortgage term. Level Life Insurance could cover this type of mortgage.
But if you have a repayment mortgage, Decreasing Life Insurance may be more appropriate. The amount of cover reduces broadly in line with the decrease in your outstanding mortgage loan.
Will my payments on my life insurance policy change?
If you choose level or decreasing cover, your monthly payments are guaranteed to stay the same for the duration of your policy. For decreasing life insurance, premiums are set at the start of the policy to consider the decreasing amount of cover you'll need during the policy term. Premiums for decreasing cover are often cheaper than other types of life insurance.
With level cover, if you choose to help protect your payments from the effects of inflation, so the lump sum won’t be worth less in the future, your monthly payments may rise. The maximum annual increase would be 15% to your premiums and 10% to your cover¹.
I have a mortgage. Do I need life insurance?
If you have a mortgage, you might want to take out life insurance. Then, if you die before your policy ends, the lump sum can be used to help pay off the outstanding mortgage balance, so your family could stay in their home. Some lenders will ask you to take out life insurance as part of their mortgage offer.
Do I have to take out decreasing life insurance to cover a mortgage?
No, you don’t have to take out decreasing life insurance to cover a mortgage. The reason for the policy depends on a few factors, such as what you want the lump sum to cover, and how much you want to pay each month. We offer different levels of cover to suit different needs, so you can choose which one is right for you and your family.
Our life insurance page explains the difference between our different types of cover, and what you might want to consider. If you’re still unsure, talk to a financial adviser about your reasons for taking out insurance. You can find an advisor at www.unbiased.co.uk.
How do I notify Aviva of a change of name?
If your name has changed, please contact us. Dependent upon the circumstances, we may need to see evidence of the change in the form of an original or certified legal document.
Can I cancel my life insurance policy at any time?
Yes. You have a 30-day cooling-off period from your policy start date, or from when you get your policy documents (whichever is later), to change your mind. If you want to cancel within this time, we'll refund any premiums you've paid. Remember, there’s no cash value and, if you cancel your policy, you won't be able to make a claim.
If you want to cancel the policy after the cooling-off period ends, your premiums won’t be refunded. If you're thinking about cancelling your policy, please contact us, or write to Aviva Life, Norwich BCC, PO Box 520, Norwich, NR1 3WG.
Can I get life insurance to help cover my mortgage?
Yes, although we can’t directly link your policy to your mortgage.
Our life insurance with decreasing cover provides a level of cover that decreases over time, broadly in line with a long-term loan or repayment mortgage. Your premiums stay the same. This cover type is designed to help your loved ones pay off a repayment mortgage if you pass away during the policy term.
Our life insurance with level cover provides an amount of cover that stays the same over time. You choose a lump sum to leave behind for your loved ones, and how long you want your cover to run for. You’ll then pay the same amount each month until your policy ends.
You can choose to make your cover amount increase in line with inflation, so the lump sum won't be worth less in the future. In this case, your monthly payments may rise. The maximum amount your cover can increase by each year is 10%, and your premiums to a maximum of 15%¹. If you choose not to accept the increase, or if the CPI doesn't increase, your cover and premiums will stay the same.
Level cover might be a good option if you want to help your family continue to keep up mortgage repayments, or to pay off an interest-only mortgage, after you’ve gone.
If you're unsure about which cover is right for you, talk to a financial adviser.
How do I pay for my life insurance policy?
You can pay your premiums monthly by Direct Debit.
Is my life insurance linked to my mortgage?
We can’t directly link your Life Insurance Plan to your mortgage. However, your mortgage lender may register an interest in a portion of the proceeds to cover the remaining cost of the mortgage if you were to die before it's repaid. But this only acknowledges a third-party interest, and your cover amount still won’t be directly linked to whatever’s left to pay on your mortgage.
So while your life insurance policy with decreasing cover might decrease broadly in line with your repayment mortgage, there’s no direct link between the value of the policy and the amount that's outstanding on your loan.
You can check if your mortgage lender has an interest in your policy by contacting us.
Is terminal illness cover included in a life insurance policy?
Yes, our Life Insurance Plan includes terminal illness benefit. This means we’ll pay out if you’re diagnosed with a terminal illness that meets our policy definition within the policy term and aren't expected to live longer than 12 months. Once we pay a terminal illness benefit, the life insurance policy ends, and we won’t pay out when you die. There’s no cash value at any time.
Is there an age limit for taking out a life insurance policy?
Yes. You need to be aged between 18 and 77 to take out a Life Insurance Plan with us. You can take out a policy to cover you for any duration from one to 50 years, but your age when the policy expires must be younger than 91.
What should I do if my bank details change for my life insurance policy?
We can update your Direct Debit details over the phone. Please have your new details handy and and please contact us . Your new Direct Debit will be active within 14 days.
What does my life insurance policy cover me for?
You can find out what you're covered for in the policy conditions that you received when you first took out the policy. If your policy is available in MyAviva, you can log in or register and check your cover details there.
If you're not sure please contact us
What’s life insurance with decreasing cover?
If you have a Life Insurance Plan with decreasing cover, the cover amount decreases over time, broadly in line with the repayment mortgage or long-term loan that you’re repaying. Your premiums stay the same during the term of the policy, unless you make changes to the cover. Decreasing cover usually costs less than level cover.
The policy will pay out if you die, or are diagnosed with a terminal illness, that meets our definition and aren't expected to live longer than 12 months, during the policy term. The policy only pays out once and has no cash in value at any time.
What’s life insurance with increasing cover?
If you have a life insurance policy with increasing cover, the level of cover, and your monthly payments, may increase over time to help protect your cover amount from the effects of inflation.
With our Life Insurance Plan with increasing cover, the level of cover increases annually in line with the Consumer Price Index (CPI), a recognised measure of inflation, and your premiums will also increase annually to reflect this. The maximum amount your cover can increase by is 10%, and your premiums could increase by a maximum of 15%¹. If you choose not to accept the increase, or if the CPI doesn't increase, your cover and premiums will stay the same.
The policy pays out a lump sum if, during the policy terms, you die or are diagnosed with a terminal illness, that meets our definition, and aren't expected to live longer than 12 months. The policy will only pay out once, so if you make a successful terminal illness claim, a second claim can't be made. There's no cash value at any time.
What's the difference between life insurance and over 50 life insurance?
The main difference is that life insurance is a term policy, so it covers you for a specific amount of time, while over 50 life insurance is a whole of life policy, so it covers you for the rest of your life.
To take out our Over 50 Life Insurance you need to be aged between 50 and 80. Your premiums are fixed for life, and you won’t need a medical or health check. You can choose a cover amount to help pay for a funeral, or it can be used for other costs, or to leave a gift to your partner or family. Once you’ve had your policy for 30 years, or from the soonest policy anniversary after your 90th birthday, you’ll no longer pay anything, but your cover will continue. It can’t be taken out as a joint policy.
With our Life Insurance Plan, you need to be aged between 18 and 77 to apply, and your cover stops at the end of the policy term. You choose a cover amount, and if you want your cover to remain the same, be protected from the effects of inflation, or decrease over time broadly in line with a repayment mortgage or loan. You can take out a single or joint life insurance policy.
If you’re not sure which one might be right for you, speak to a financial adviser.
Can I keep my life insurance policy if I move abroad?
In most cases, yes, you can keep your cover in place - as long as you continue to pay your premium from a UK-based bank account. But there might be times we can't continue to cover you as moving abroad may affect the ability to continue to benefit fully from the features of the policy, and we may need to change, reduce or remove any policy terms. If you're unsure which cover is right for you, talk to a financial adviser.
If you're thinking about living abroad and you'd like to see that effect this'll have on your cover, call the team on 0800 285 1098. For our joint protection, telephone calls may be recorded and /or monitored.
Can I have more than one life insurance policy?
Yes, you can. If your combined cover is for a high amount, we might need to do a more in-depth financial assessment to make sure we're insuring you for the right amount.
If I receive a life insurance payout, will I need to pay tax on it?
If you receive a life insurance payout, you won't need to pay capital gains tax, or income tax - but you might need to pay inheritance tax, unless the money is placed in a trust.
When should I get life insurance?
It's totally up to you - people usually get life insurance with us when they reach a certain age, or a certain life event.
If I don't pay my premiums, what will happen?
If you don't pay your premiums, your policy will automatically end. There isn't a cash-in value.
If I don't get a medical, can I still get life insurance?
This depends on your age, the cover amount and the information you gave us about your health on your application.
Most people who apply for our cover don’t need a medical. However, if you're applying for a large amount of cover, we might ask you to have a medical with either a nurse or a doctor.
We look at everyone’s application individually. If you're asked to have a medical, it’s so we can learn more while we assess your application. It doesn’t automatically mean your application won’t be accepted.
What is Aviva Digicare+?
Aviva Digicare+ is an app included with our over 50 life insurance. It gives you access to a range of health and wellbeing services at no extra cost, including:
- Annual health checks
- Access to a 24-hour BUPA helpline
- Mental health consultations
- Bereavement support
- Nutritional support
- Second opinion service
Please be aware these services aren’t part of your cover and could change or be removed at any time. Find out more about all these Aviva DigiCare+ services.
How long will it take to get a payout on a claim?
How long it takes to receive a payout can vary. But that's one of the things we'll discuss with the person making the claim. We can normally give a good idea of how long things will take based on the particular circumstances of the claim.
Once we have everything we need, and we’ve agreed to settle the claim, we aim to pay it within five working days.
If you'd like to help make sure your loved ones receive any payout quickly, one option is to place your policy into a trust. This is a legal arrangement that allows you to choose who gets the money from any payout and who manages that process. Find out more about an Aviva Trust.
Can I decide who gets the money from my life insurance policy?
Yes. Putting your money into a trust means you can decide who gets the money from any payout (they’re known as the beneficiaries). Plus, you can name the people who’ll be responsible for distributing that money (they’re known as the trustees).
A trust is a legal arrangement, and you can find out more about the Aviva Trusts we offer.
Putting your policy into an Aviva Trust means we can pay out faster (so long as there’s at least one available trustee) if a claim is approved. It’s because we already know who’s dealing with the payout, which means we don’t have to wait for executors to be appointed.
Another feature of putting your policy in trust is that any money your beneficiaries receive will usually be exempt from Inheritance Tax². But remember, tax liability depends on your circumstances, and tax laws may change in the future.
Setting up a trust is easy, but you’ll need to understand what it means for you legally and financially. So you should speak to a financial adviser or tax specialist, which you can find at www.unbiased.co.uk.
If you don’t put your policy into a trust, you can leave instructions in your will explaining who you want to receive any payout from your policy. However, this may not offer the same protection against Inheritance Tax. The Gov.uk website has more information about writing a will.
What can I do if I am struggling to keep up with my monthly payments?
If you’re feeling any financial pressure, we're here to support you and find a solution. You can explore options like reducing your monthly payments by adjusting your coverage or the duration of protection which could make things more manageable. We also offer a cost of living support scheme. This plan allows you to lower your payments for now, with the freedom to increase them again in 12-24 months when you’re back on track.
Find the answers to some of the most frequently asked questions on car, home, health, life and travel insurance cover, pensions, investments and Brexit.
1 The cover amount increases in line with the Consumer Prices Index (CPI), calculated over a 12 months. To calculate the increase to your premium, we multiply what you pay by 1.5 and the percentage increase in CPI. If there’s no increase in the CPI there’s no change to your cover or premium.
2 Liability for tax depends on your personal circumstances and tax rules, which may change over time.