Aviva Funeral Plans - Our Review

The supply of funeral plans are so prevalent today that everyone expects the big name finance houses to offer them. Aviva funeral plans only exist at this moment in time if your family uses the pay out to pay for your funeral. No doubt they will.

There remains however the need for a family to cope much better at this time of need and to secure a larger sum of money and that’s what Aviva’s Over 50s Life Insurance offers.

Though the final sum is not index linked like a funeral plan so its worth in comparison to the Retail Price Index in thirty years will be less, a funeral plan should at least match the rate of inflation increases year after year.

 

You will need to be a UK resident on a permanent basis to apply and at least under the age of 81 to apply. If you do move abroad you should enquire as to whether you can continue paying despite you not qualifying for cover while living abroad. In case you return to the country and to meet the 30 year qualification. 

 

Europe, America, New Zealand and Australia seem to be acceptable countries in which to die in and still receive a lump sum from an accident.

How much does it cost?

 

It is more than possible to attain less from a life insurance policy than you pay in. 

 

The other side of the coin is saving the premium amount in an account and family or partner not receiving a lump sum after a few years. 

 

You can pay in any amount between £7 and £100 a month as long as the combined total of policies does not go over £100.

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Common Questions About Aviva

What Funeral Plans Do Aviva Offer?

 

Over 50s Life Insurance Policy: Monthly – From £7 a month for at most 30 years

 

Includes: A lump sum financial payout based on the set value of your monthly contribution.

 

Notes: Payments are by Direct Debit.

 

Trust Held: There is a high probability that a related Trust could be set up to receive the lump sum payout, you’d need to ask at point of set up.

What’s Guaranteed?

The cash lump sum after one year if you die, under one year if die from an accident.

Guaranteed

 

  • Acceptance if you’re between age of 50 and 80
  • Pay in for 30 years and receive ‘free’ ongoing cover
  • Ability to have multiple plans
  • No medicals or financial questions
  • No premium payment increases
  • Cash lump sum paid if die after one year
  • Cash lump sum if die from an accident in first year
  • Double lump sum payout if die from an accident after 365 days
 

Not Guaranteed:

 

  • Multiple plans cannot exceed sum total of £100 a month premium
  • Payments returned if die in first year but ot from an accident, no pay out
  • More than one person per policy
  • Inflation rate – final sum not linked
  • Cash in value
  • While living abroad due to accident claim, outside of Europe, America, New Zealand or Australia.

Does that mean I (or my family) will have to pay money on top?

No, this is a lump sum cash payout. No funeral arrangement unless you have attested to such in a Will which your Executor will carry out as per your wishes. The sum should cover a funeral even in thirty years, you can gauge this from funeral plan companies.

What If I Want Something Different?

You can have multiple policies of different premium rates as long as the combined amount doesn’t go over £100. It may be possible to take out other policies with Aviva such as Life Insurance, critical illness Cover or Free Parent Life Cover.

 

How Does An Aviva Plan Work?

 

As an Over 50s life insurance plan there is simply an ongoing commitment by yourself to pay each moth the premiums for as long as you need cover. Should you reach the milestone of thirty years, you will receive ‘free’ cover from that point on for the same cash lump sum.

 

Alas you may have paid more in than you received but at least at some point the cash amount will be paid out, compared to an endless home insurance policy that thankfully probably never will.

Will my money be safe?

These large financial institutions are overseen and monitored by the Financial Conduct Authority who do checks on each company’s funds and investments on a regular basis.

Any Cancellation fees?

No, as if you stop paying coverage will simply cease. There is no cash in value.

Will my plan stay the same if I move house?

Yes in the UK. Best to enquire to make sure elsewhere in the world.

What happens to my plan if I die before paying the full amount?

There is not a full amount to pay. If you die in the first year from an accident, Aviva will pay out the cash lump sum. If you die after the first year of natural causes, again the insurer will payout to your named beneficiary.

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