Aviva is a composite insurer made up of separate businesses that offer a large range of insurance and savings products from car, home and health insurance to pensions and investments. Aviva is the UK’s largest insurance company with over 15 million customers. Previously Aviva was known as Norwich Union but rebranded in 2009.
Lifestyle Lump Sum Max
The Lifestyle Lump Sum Max lets you borrow a one-off cash sum, from £15,000. This might be used for something specific, such as topping up your retirement income, or helping your child put a deposit down on a property. Equity that is released is received as either a one-off lump sum payment or a smaller sum, with a cash reserve to draw from in the future.
Lifestyle Flexible Option
The Lifestyle Flexible Option lets you borrow an initial lump sum, from £10,000, and set up a cash reserve of at least £5,000 to draw money from when you choose. Interest is only paid on the money that you’ve drawn from your cash reserve.
This annuity allows customers between 55 and 90 years old to convert some or all of their pension in order to receive a guaranteed income for life. Payments will be regular, much like a salary, and it is taxed as an income. Up to 25 % of this can be tax-free. Higher incomes can be received upon poorer health
Aviva specialises in insurance, with a range of products including motor insurance, life insurance, health insurance and home insurance. The company offers investment products such as investment accounts, and stocks and shares ISAs.
Aviva Reviews and Ratings
Online reviews for Aviva are generally quite poor with users complaining about poor customer service levels, bad communication and lengthy waiting times throughout the administrative process. Some reviewers have noted a lack of competitiveness in the company’s pricing. Reviewers on Feefo have given much better scores however, pleased with the ease and responsiveness of the company’s website as well as a helpful, friendly customer service experience.
- Credible market-leading insurance company
- Award winning services: Personal Finance Awards & What Mortgage
- Member of the Equity Release Council
- Lump sum or smaller sum equity release options
- Easy-to-use online equity release calculator
- No negative equity guarantee
- Flexible withdrawal and repayment options
- Tailored interest rates
- Minimum borrowing level set at £15,000
- Lengthy application process takes up to 12 weeks
- Potential tax and welfare benefits impact
- Interest may be added annually onto both your loan and interest already added
- Some poor customer reviews and experiences