Aviva has described its new Simple Life Insurance plan as ‘no frills’ cover to complement its more comprehensive Life Insurance+ policy and to help advisers ensure more customers can be financially protected, whatever their budget.
Available to customers aged 18-59 at outset, the plan can run to age 70 (minimum term one year) and is available with level or decreasing cover. On decreasing cover an interest rate between 4% and 15% is selected at outset – this type of cover is useful for protecting a repayment mortgage. Premiums are guaranteed and start at just £3.50 a month and terminal illness cover (where death is expected within 12 months) is automatically included.
A streamlined online application process allows customers to go on risk in around ten minutes, with an instant underwriting decision and instant policy details online too. An online or paper trust service is available.
Advisers get a short but helpful two page underwriting guide, including six questions to determine if their client is eligible to apply for cover. Maximum cover varies from £750K (age 18-39) down to £200K (55-59). Suicide is excluded in the first 12 months.
The plan also includes:
* Estate administration through MyDigiExecutor.
* Advanced funeral payments.
* A bereavement guide.
* Grief counselling for children.
* Get Active Gym discounts.