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