Covéa Insurance offers commercial, motor, high net worth, property and protection insurance, as well as life and critical illness products. The company currently employs around 1,900 talented people across our 8 offices throughout the UK. Last year Covea served 2.1 million policyholders, generating over £779.6 million in premiums.
Covea’s life insurance offers cover from £50,000 to £750,000. To qualify you must be a UK resident aged between 18 and 65 years of age. You can choose how long you want the cover for, from between 5 to 45 years. Covea offers two main types of life insurance cover:
Level cover – this means the cover amount does not change over the cover period. It doesn’t keep up with inflation so the cover amount may be worth less in the future. The premium you pay each month will also not change.
Decreasing cover – this means that after the start date the cover amount will go down each month, but the premium will remain the same. The amount by which it goes down is the equivalent to an annual interest rate of 8%.
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Over 50s Life Insurance
Covea offer a guaranteed acceptance for this product, which pays out a lump sum of money when you die to a person of your choice. Monthly payments are fixed, and the size of your monthly payment affects the amount that is paid out on death.
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Mortgage Life Insurance
Covea does not offer mortgage life insurance.
Critical Illness Cover
Covea’s critical illness policy is designed to pay out a set amount of money if you develop a terminal illness during the cover period. This policy can be written in trust to maximise the speed of pay-out in the event of death. The cover amount ranges from £50,000 to £750,000.
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Whole Life Insurance
Covea does not offer whole of life insurance.
Income Protection Insurance
Covea does not offer income protection insurance.
Covea has a growing range of commercial insurance products specifically designed for small to medium sized businesses, such as insurance administration, claims management and complaint management services, as well as personal products including high net worth insurance, life and protection products. The company offers car and home insurance and accident protection, and has a specifically designed insurance product especially for members of HM Armed Forces.
Covea Reviews and Ratings
Online reviews for Covea are fairly split with half the users on Trust Pilot rating them as excellent, the other half rating them as poor. Those with a positive experience say that the company is helpful, understanding, well informed, clear and concise. But those with a negative experience would not recommend the company at all, saying that their policies are unclear, they do not always pay out and the staff are slow to respond, rude and inconsiderate.
- A global commercial insurer with over 5 years heritage in the market
- Some positive reviews and feedback from happy customers
- Award winning claims service
- Specialist insurance products for members of HM Armed Forces
- UK customer support team available 24/7
- Many negative reviews from unhappy customers
- Policies not necessarily clear prompting some poor customer feedback
- A basic website not overly comprehensive
- Income and mortgage protection policies not offered
- Some bias towards high net worth individuals and businesses