Aviva is the UK’s largest provider of pensions and life products. Their own brand, Aviva over 50 life insurance cover, is called the Guaranteed Lifelong Protection Plan.
The Aviva Over 50 Life Insurance Review is a guide to help you understand the features and benefits of the plan, options available and things to consider. Do make sure you read, understand and are happy with the terms and conditions of any plan you decide on.
Why Choose the Aviva Guaranteed Lifelong Protection Plan
Pays a guaranteed cash sum when you die
If you are living in the UK and aged between 50 and 80, your application will be accepted
Premiums range from £7 to £50 a month
You are covered for the full cash sum after just 12 months - if you die within the first 12 months Aviva will refund all the premiums paid
You are covered immediately if you die as a result of an accident and if death occurs after the first 12 months, the cash sum paid out would be doubled
Your monthly payments are fixed and will never change
Payments stop when you reach 90 but you continue to be fully covered for life
Things to consider
Unless you die as a result of an accident, you are not covered for the first 12 months – instead your premiums would be refunded to your estate.
As the cash sum is fixed, inflation will reduce its value over time.
There is a chance you could pay more in premiums than the plan pays out. It all depends on how long you live.
As the cash sum normally forms part of your estate, it may be subject to inheritance tax.
If you stop paying your premiums before your 90th birthday, your life cover would stop and no money would be paid out.
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In addition to the Aviva Over 50 Life Insurance Plan, they also the name behind the Tesco Over 50 Life Insurance Plan and the Post Office Over 50 Plan. The plans are very similar to the Aviva branded option but also include a funeral benefit option through The Co-operative Funeralcare.
Take a look at the following Post Office Over 50 Life Insurance calculator to see how much life cover you could get. Alternatively take a look at our guide if you want more help choosing the best over 50 plan.