In this article, I’m going to talk about one of the big financial service providers, Aviva. What they have to offer in the way of protection policies, and how they measure up in terms of paying out. Want to know how good is Aviva’s Life Insurance? Let’s crack on!
If you’ve already read my article about Legal & General, you’ll know that I think when it comes to shopping around for protection policies, it’s a good idea to take a look at some of the well-established insurers first. If you haven’t read it, I’ll say it again – It makes sense to have a look at what the big players have to offer. And you don’t get much bigger than Aviva…
Who Are Aviva?
Aviva is a British insurance company with headquarters in London, and 33 million customers across 16 countries. It is the largest general insurer in the UK, as well as being a leading pensions provider.
Aviva are smaller compared to a company like Legal & General, but its newness is all relative when you take into account its heritage dating back over 300 years. The company was created in 2000 when Norwich Union (est 1797), and CGU (a merger of Commercial Union and General Accident) joined forces, with the name ‘Aviva’ being adopted in 2002.
All sounds impressive, right? A superpower formed from the merging of companies with hundreds of years of experience, and THE top name in insurance in the country today. They can certainly talk the talk, but what about when it comes to walking the walk?
How About Aviva’s Turnover and Profits?
If you read the Legal & General article and this bit impressed you, Aviva’s stats are equally impressive. In 2019 the company turned over £170.8bn, with a profit of £2.2bn. Not bad eh?
But to be honest, what they’re bringing IN probably doesn’t interest you as much as what they pay OUT in insurance claims, and how often. However, it does help build a picture of how good is Aviva’s Life Insurance?
In 2019 Aviva paid out over £582 million in claims to over 16,363 customers. And that’s just Life Insurance claims in the UK. Aviva paid one claim every 4 seconds across 14 countries – a total of 8.3 million claims.
Also, in 2019 Aviva paid out 98.6% on all life insurance claims and 53% of those claims were on policies held by the over 70s and the average pay out per claimant was £35,583
To give you an idea of the main reasons for paying out, their top three claims where for Cancer (40%), Cardiovascular (23.0%) and Respiratory (7%).
Aviva’s Added Benefits
If those sky-high claims statistics and hundreds of years of history and tradition aren’t enough to sway you to Team Aviva, then let’s take a look at what else they have to offer the newest insurance-seeker about town. Unfortunately, not an all-expenses paid trip to the Bahamas for you and all your mates or a designer wardrobe – but that doesn’t mean that Aviva doesn’t have some tasty little extras to entice you in as a customer, such as:
Aviva offers a number of added benefits, and at no extra cost – which is something we all love to hear.
Extras such as:
- Protection Promise – this is applied whilst your application is being processed giving you up to 90 days of FREE cover meaning even if you pass away BEFORE you’ve even been accepted Aviva will still pay out!
- Terminal Illness Cover – pays out the full amount of cover early when life expectancy is less than 12 months
- Free Life Cover When Buying a House- If you are taking out Life Insurance to cover a mortgage, Aviva offer free life cover whilst your application is being processed to ensure your mortgage is still paid off if you die before you’ve even been accepted.
- Making Policy Changes – you may be able to increase your cover WITHOUT the need for further medical information on certain life events – such as increasing your cover amount because you’ve had another child for example
Obviously it’s great to know that you are insured by a company that adds in some money-saving extras that could benefit you in the long run; but what about the cuddly, planet-saving stuff that gives you that warm, fuzzy feeling inside? They’re not in to all that are they?
- Climate Change – Not only are Aviva into it, they were into it FIRST, being the first carbon neutral international insurer in 2006. They continue offsetting any remaining operational carbon emissions today, improving the health and lives of more than 1 million people globally since 2012
- They’ve Won Awards for Social Conscience – in 2018 Aviva were awarded the United Nations Momentum for Change award, recognising the company’s decade of work reducing environmental impact. To date they have reduced their CO2 emissions by 60% against the 2010 baseline, meeting their target of, ‘50% by 2020’, early
- Green Investments – Aviva assigned £1.8 billion to wind, solar, biomass and energy efficiency in 2018, meaning that they have now invested over £3 billion in low carbon infrastructure since 2015 – reaching their target of investing £2.5 billion between 2015 and 2020, two years early
So how good is Aviva’s Life Insurance, well basically, greener than The Incredible Hulk on a really bad day.
If you would like to get a quote, or if you have any further questions, we recommend speaking to a qualified advisor first, me or someone from my team would be more than happy to help.
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