Aviva launches simple life insurance

Couple by the riverside

Aviva has launched Simple Life Insurance - ‘no frills’ cover to complement its more comprehensive Life Insurance+ policy – helping advisers ensure that more customers are financially protected whatever their budget.

Recognising that some clients do not have the time, desire or finances to take out comprehensive cover, Simple Life provides essential life insurance for clients and their families, without them needing to spend time considering additional options or features.

Mintel’s ‘Term Assurance’ report found that people reported not having life insurance because they can’t afford it (45%), they had other financial priorities (25%) or they kept putting it off (19%). However, 55% of respondents said that they would be most persuaded to do so by simple, low-cost cover.1

The new policy has been designed to be clear and easy for different groups of advisers and their clients to consider, with clear pre-application eligibility questions, an underwriting guide, instant decisions, and no medical evidence required.  It offers simple banded cover based on the client’s age, while the introduction of simplified policy documentation will mean that clients can view benefits easily.  

A basic range of support services includes advance funeral payments, grief counselling, estate administration though MyDigiExecutor and a bereavement guide. The new policy also includes gym discounts.

Simple Life Insurance has been designed to extend Aviva’s existing advised life insurance proposition. It can provide an alternative for clients who might have previously rejected taking out life insurance - with the recognition that they still require some core protection in place.

The policy will be available on all major adviser protection portals from launch. Over the past three years, Aviva has continued to develop its individual intermediary protection business into simplified, menu, high value and wealth; and business protection distribution channels.

Aviva has also recently introduced an interactive protection ‘shield’ sales aid to support advisers in their customer conversations and explore the various options and support services available.

Mark Cracknell, head of protection distribution at Aviva said: “Simple Life Insurance extends our life insurance proposition to customers whatever their budget or circumstances. 

“While our menu proposition will continue to offer an appropriate solution for many advisers and their clients, Simple Life Insurance is an important part of ensuring that we have a range of options to help more people put protection in place.

“We know that 66% of UK adults do not have any form of valuable life insurance2 . We believe this new policy will encourage customers who might have previously walked away from taking out life insurance based on cost or complexity.”

-ENDS-

1 Mintel Term Assurance Report June 2018 – 522 UK adults polled

2 Mintel Term Assurance Report June 2019

Enquiries:

Fiona Murphy

Protection, Health and Regulation

Melissa Loughran

Senior Media Relations Manager

Notes to editors:

  • We are the UK's leading diversified insurer and we operate in the UK, Ireland and Canada. We also have international investments in India and China.
  • We help our 19.2 million (as at 31 December 2023) customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
  • We have been taking care of people for more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2023, we paid £25.6 billion in claims and benefits to our customers. 
  • In 2021, we announced our ambition to become Net Zero by 2040, the first major insurance company in the world to do so. We are aiming to have Net Zero carbon emissions from Aviva’s operations and supply chain by 2030. While we are working towards our sustainability ambitions, we recognise that while we have control over Aviva’s operations and influence on our supply chain, when it comes to decarbonising the economy in which we operate and invest, Aviva is one part of a far larger global ecosystem. There are also limits to our ability to influence other organisations and governments. Nevertheless, we remain focused on the task and are committed to playing our part in the collective effort to enable the global transition. Find out more about our climate goals at www.aviva.com/climate-goals and our sustainability ambition and action at www.aviva.com/sustainability
  • Aviva is a Living Wage, Living Pension and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at https://www.aviva.com/about-us/our-people/
  • As at 31 December 2023, total Group assets under management at Aviva Group were £376 billion and our estimated Solvency II shareholder capital surplus was £8.8 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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