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Simplified Life Insurance

The quick way to arrange life cover for your clients.
Here are some of the features of simplified life insurance.

  • Premiums starting at £5 a month for level life Insurance and decreasing life insurance.
  • Quote to cover in just fifteen minutes.
  • Faster, simpler application process, to help you overcome time objections.
  • Regular updates on application progress from your dedicated case owner.

For further information, please read our Key Features document.

Here are some of the facts you need to know about simplified life insurance:

CriteriaMin/MaxDetailNotes
Age LimitsMin age18The plan cannot run beyond your client’s 70th birthday. Plans can be taken out individually or jointly but the cash sum is payable on the first claim only.
TermMin term3 yrs 
Max termNone
This depends on max entry/expiry age
Payment LimitsMin payment to start plan£5Payments must be made monthly by direct debit.
Maximum Cover
 £500,000

Maximum depends on age attained at outset:


18  -  49      -      £500,000
50  -  54      -      £300,000
55  -  59      -      £200,000
60  -  66      -      £100,000


If joint life, max sum assured is based on older life



Charges

There are no additional charges for clients to pay. All charges for level life insurance and decreasing life insurance cover are included within a client’s monthly payments.

Here is some information to help you to decide if simplified life insurance is right for your client.

  Level

 

Designed for clients who

 
Not designed for clients who
  • Want to protect against the financial consequences of death for a defined term (could be personal reasons)
  • Have financial dependants
  • Have creditors
  • Anticipate IHT liabilities
  • Want cover for a specified term
  • Want an investment-linked arrangement
  • Want protection for the whole of their life
  • Want a cash-in value
  • Want a life insurance amount that decreases  over the term of the plan
  • Want a critical illness option
  • Want more than £500,000 cover
  • Want Partnership/Share Protection arrangements where a trust is required

 

 
Key considerations

 

Possible alternatives

  • Level of cover required
  • Existing levels of cover
  • State of health
  • Financial liability assessment
  • Dependants

 

  • Self-insurance (existing assets)
  • Term Assurance

 

   Decreasing

 Designed for clients who

 Not designed for clients who
  • Want to protect capital repayment mortgage or loan-defined term (personal )
  • Have financial dependants
  • Have creditors
  • Want cover for a specified period of time
  • Want sum assured to remain constant during plan
  • Want protection for whole of their life
  • Want an investment-linked arrangement
  • Want cash-in value
  • Want a critical illness option
  • Want more than £500,000 cover

 

 
Key considerations		 
Possible alternatives
  • Level of cover required
  • Existing levels of cover
  • State of health
  • Financial liability assessment
  • Dependants
  • Type of mortgage/type of loan
  • Rate at which mortgage reduces and policy reduces
  • What level of flexibility required
  • Trusts
  • Cost – decreasing cover plan likely to be cheaper than level cover
  • Self-insurance (existing assets)
  • Mortgage Life Insurance
Here are some examples of the support we offer you and your clients on simplified life insurance:

Secure Services

 

  • Quote / Illustrations online

  • Apply online

  • Retrieve quotes and applications

  • New business tracking


Contact us


We have a wide range of support staff available to help you, click here to find the right number that meets your needs.

 

WA02173 04/2010

Quick quote or apply


Related documents

For Adviser use only. This information has not been approved for use with customers.

Aviva Life Services UK Limited.
Registered in England No 2403746. 2 Rougier Street, York, YO90 1UU.
Aviva Life Services UK Limited is authorised and regulated by the Financial Services Authority.