Insurance which could provide a lump sum if you die, or depending on the policy you take out, if you’re diagnosed with a specified critical illness
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Decreasing, level and increasing cover explained
Decreasing cover runs for a fixed time. The cover amount reduces each month for as long as the policy lasts. It’s commonly used to help make sure the lifestyle of dependants is protected for a set period of time, for example, until a child is expected to reach independence. The monthly payments, known as premiums, will stay the same.
Level cover runs for a fixed time. The cover amount and premium stay the same for the life of the policy. This is commonly used to provide for dependants. You can choose to protect your cover amount from the effects of inflation. If you do this, the cover amount will increase each year to adapt to the cost of living. Monthly payments also increase over time. Each year, you can choose not to accept the increase. If you do this, your cover amount and premiums will stay the same.
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- Life Insurance Plan Policy Summary (pdf)
- Life Insurance Plan Policy Conditions (pdf)
- Critical Illness Plan Policy Summary (pdf)
- Critical Illness Plan Policy Conditions (pdf)
- £100/£150 cashback terms and conditions (pdf) live from 10/01/2022 and offer withdrawn on 30/11/2022 (582 KB)
- £125 cashback terms and conditions (pdf) live from 9th January 2023 and offer withdrawn on 30/6/2023 (949 KB)
- £100/£150 cashback terms and conditions (pdf) live from 1st August 2023 (950 KB)
Using a trust could prove tax-efficient
You can put your life insurance policy in trust. Doing this will:
- allow the proceeds to be paid to the intended beneficiaries
- minimise delays that might cause financial difficulties
- make sure the proceeds do not form part of the estate for inheritance tax purposes.
If you're unsure on whether you should put your policy in trust you should seek specialist legal advice. Tax rules may change in the future.
See our forms below for more information
Aviva Discretionary Gift Trust Form (pdf)
The Financial Conduct Authority and the Prudential Regulatory Authority do not regulate taxation and trust advice.
Life insurance and critical illness insurance have no cash-in value at any time, and exclusions and limitations will apply. For full details of the Life Insurance Plan and Critical Illness Plan, please read the policy summary and the policy conditions document on these pages. Please make sure you read all the information provided before getting a quote.