What do customer reviews say about Aviva Insurance?

Aviva currently holds over 10,000 reviews on their Trustpilot profile with a rating of 4.6, a very respectful rating for an insurance company. However, 17% of those reviews are bad, whilst 71% are excellent.

One of the positive reviews by a customer (verified) said: “Very pleased with the ease of insuring with Aviva. If in the unfortunate event I have to claim on the insurance, I hope that I will be able to provide a 5-star rating at that time.” 

On the other hand, a negative review by a customer named Oliver said: “We came home to find a leak from our bathroom to our kitchen today, which has resulted in damage to the ceiling and electrical lights. I contacted Aviva to be told that they will only cover damage to the ceiling and not the callout fee or work needed by a plumber. Excess for the ceiling is £450, which we were never notified of. I had tried to make a claim a few years ago for damage in bedroom by water issue from the roof, to be told this was not covered, even though it’s water damage. It seems like they will try to avoid paying out at any cost, please check before you buy. Should be called avoida not Aviva”

What type of insurance does Aviva offer?

Aviva has a vast range of insurance products. These include but are not limited to:

• Car insurance
• Van insurance
• Learner car insurance
• Home insurance
• Heating and boiler cover
• Landlords insurance
• Life insurance
• Travel insurance
• Pet insurance
• Business insurance

What investment products does Aviva offer?

Luckily for those looking to save some money for their retirement Aviva offers a few solid choices that are pretty appealing. Aviva does offer a pension plan which allows you to pay one single lump into your pension — at any time. Whilst also allowing you to put your hard-earned money into investments of your choice.

Aviva also offers Aviva stocks & shares ISA. To use this product, you must pay £50 a month. You can start with a sum of £500 or simply pay in as little as £50. Aviva allows you to track your ISA with their splendid online investment service. You can also take money from your ISA whenever you need to.

Is Aviva Car Insurance any good?

Like most car insurance plans, everything differs depending on the options you choose. However, here are some things that Aviva offer for you:

1. They promise to refund any excess you’ve paid if you’ve been involved in an accident by an uninsured motorist.
2. If your car is in bad condition and cannot run, they will take you home or take you and your car to get it repaired.
3. They offer a three year guarantee on repairs carried out by their approved repairers.

Does Aviva car insurance cover tyres?

Aviva car insurance does not cover any punctures, cuts or bursts — including those caused by severe or limited braking.

What is covered by Aviva’s car insurance?

Luckily for Aviva users, you will be covered if your vehicle is lost, stolen or damaged and if you injure someone or damage their vehicle or property in an accident. Additionally, if you have an accident and your vehicle is not roadworthy, Aviva will take it to one of their approved garages.

Conclusion

Aviva has a good range of insurance covers, and most customers seem satisfied by their service. However, it’s worth knowing that they might not be the best option for you depending on if you require specific coverage such as electrical breakdown cover for your car or a more sophisticated platform to find out about your pension.

The post Deep Review: Aviva Insurance appeared first on Financial Mark.

With LV= Doctor Services, policyholders can access six expert medical services through a single app or by calling Square Health. The following six services will be available to spouses and partners of policyholders:

• Remote GP – Policyholders and their spouse/partner can now get unlimited 24/7 consultations with a UK doctor.
• Prescription Services – A private or repeat prescription service is available. Where the GP recommends a private prescription the private prescription is free and the private medicine needs to be paid for. For repeat prescriptions, the same applies unless an NHS England exemption is available
• Second Medical Opinion – An expert specialist can review a diagnosis, help with any unanswered questions and go through the treatment options available.
• Remote Physiotherapy – Remote access to up to five free sessions (shared between policyholder and spouse) with a UK trained physiotherapist and receive a bespoke treatment plan.
• Remote Psychological Services – Access to up to five sessions (shared between policyholder and spouse) of mental health support from a network of highly trained therapists.
• Discounted health MOTs – Provides an assessment of overall health, identifying any health risks and areas of improvement.

Square Health provides expert medical services using the latest online technology. With one of the largest networks of over 5,000 UK medical professionals, including doctors and healthcare specialists, each Square Health practitioner is highly trained and experienced, as well as being registered with the GMC (General Medical Council). All Square Health professionals are based in the UK.

LV= Doctor Services is a non-contractual benefit and can be changed or removed at any time. Information on eligibility is available at: https://www.lvadviser.com/supporting-your-client/doctors-services.

The changes are the latest in a series of improvements LV= has made to protection policies.

In April 2021, LV=  updated its underwriting approach for those living with chronic medical conditions  – such as severe respiratory conditions, heart and lung diseases, and cancer  – to enable it to consider more applicants for life insurance.

Also offered to 31st December 2021 are payment breaks, reduced premiums and cover options. Aimed at helping LV= policyholders who are struggling financially, the payment break and premium and cover reduction supports policyholders unable to pay their premiums due to the effects of the Coronavirus pandemic.

Debbie Kennedy, the director of Protection at LV=, said:“This is the latest in a series of improvements LV= has made for its protection policyholders. Protection is more than about just paying a claim; it’s about providing support to policyholders and their families when they need it most.

The post Insurance Company LV= Extends Doctor Services to Policyholders’ Partners appeared first on Financial Mark.

The latest findings in the LV= Wealth and Wellbeing Monitor indicate that:

Women’s mental health has been affected more than men’s by the Covid-19 crisis

• 41% (11m) of women admitted that they feel exhausted, compared to 24% (6m) of men.
• Over half of women (56%) were feeling stressed or anxious, compared to a third of men (35%).

Women’s mental health has continued to worsen throughout the pandemic

• Between September 2020 and March 2021, the proportion of women feeling stressed increased by 5% to 56%.
• The number of women feeling exhausted rose by 9% in the same period and 6% more women surveyed were feeling lonely and isolated.

Women are more worried about money and about contracting Coronavirus 

• 35% of women say they are worried about money, compared to 25% of men.  The proportion of women worried about money increased by 6% between Sept 2020 and March 2021.
• Overall concern about getting coronavirus has dropped from 32% in December to 23% in March. Women are more worried than men about getting the virus (27% of women vs. 19% of men), despite the lower risk compared to men.

Debbie Kennedy, Protection Director at LV=, said:

“More people than ever are experiencing emotional pressures triggered by the uncertainty of the virus. Women have tackled the stresses of extended lockdowns, juggling parenting and caring responsibilities with working from home. Those who are self-employed or work in the retail and hospitality sectors have felt the burden of supporting families on reduced incomes. Over a quarter of women surveyed (28%) admitted that their finances have worsened over the last three months.

“The impact of national lockdowns and social distancing has affected the health of millions, with nearly one in three (31%) feeling lonely and isolated. These concerns are taking its toll on the public and we should be doing more collectively to look after our mental health.”

The ABI Mental Health Standards reflects an industry-wide effort to ensure that applicants get the right cover that they need. We must continue to provide our most vulnerable customers with increased access to insurance and support, ensuring that the right mix of services are accessible to women.”

In April, the ABI launched a CII accredited e-learning module on mental health in collaboration with Rightsteps to improve knowledge and understanding within the insurance industry.

The post 11 Million Women are Exhausted Due to Added Pressures of the Pandemic appeared first on Financial Mark.

Research from pensions and retirement specialist LV= highlights how consumers are frightened of falling victim to pensions scams.

The LV= Wealth and Wellbeing Monitor* – a quarterly survey of 4,000 UK adults – reveals:

• 7.6m (14%) of adults have been contacted by someone other than their pension provider  encouraging them to move or transfer money from their pension
• (4.4m) 8% says then know someone who has fallen victim to a pension scam
• Mass affluent people – those with assets of between £100,000 and £500,000 excluding property –.are especially worried about pension scams and one in four say they have been targeted by pension scammers. Nearly a third (31%) fear falling victim to a scam, more than half (55%) say scams are hard to spot and 41% want to learn more about preventing them.

Clive Bolton, Managing Director of Savings and Retirement at LV=, said:

“The LV= Wealth and Wellbeing Monitor highlights just how fearful people are of pensions scams

“Pension scammers bombard the public with scam calls, texts and emails and it can be easy to fall victim to a scam. One of the best defences is to understand how and where fraud can occur.  People should be wary of unexpected contact that comes out of the blue such as cold calls, letters or emails, and they should be sceptical of unusually high or unrealistic returns. If an offer looks too good to be true, it probably is.  They should also be wary they come under pressure to quickly withdraw money from a pension or complete a transfer.

“The best option for people considering transferring a pension or withdrawing money as they retire is to speak to a qualified financial adviser. Consulting a qualified financial adviser is one of the best ways to secure the retirement you want because they will be able to find the most suitable investments for a client.”

LV= highlights how consumers can minimise the risk of pension scams

• Hang-up if you have concerns straight-away. If you receive a cold-call, the safest thing to do is to hang up, as chances are it’s a scam.
• Make sure you’re aware of the warning signs. This includes unsolicited approaches by phone, text, email or even at your door.
• Can you call the firm back? If you’re forced to make a quick decision this is a sign of a potential scam. Contact details on their website may only be mobile numbers which is another red flag.
• Understand the salesperson. Check whether the caller, or their firm, are licensed to sell. Check the FCA register of regulated companies, or the FCA warning list.
• Make sure you ask questions. Most scammers don’t want you to investigate their ‘offers’ so make sure to do your own research and look into the company, including their financial statements.
• And remember, if it sounds too good to be true – it probably is. Fraudsters like to offer low risk investments with a high return.

Useful links

• Cyber aware
• FCA register of regulated companies
• FCA warning list
• Find a financial adviser with Unbiased
• The Pensions Regulator

The post 14 Million Britons Fear Falling Victim to Pension Scams appeared first on Financial Mark.

The LV= Wealth and Wellbeing Monitor* – a quarterly survey of 4,000+ UK consumers – reveals:

• 11% (5.8m) UK adults are planning to use the value of their home to help fund retirement.
• Half (50%) of consumers aged 55-74 would expect any property they own to be taken into consideration by their adviser when planning their retirement finances.

The survey asked UK homeowners in what circumstances, if any, they would consider getting a lifetime mortgage. We described a lifetime mortgage (sometimes called equity release) as when someone chooses to unlock some of the capital tied up in their property without having to sell their home or downsize. Money could be received as a monthly income or a lump sum.

• Nearly half of UK homeowners (45%) would consider using equity release/ a lifetime mortgage for at least one of a variety of reasons. These reasons include:
  • Paying for home improvements for medical/ mobility reasons (17%)
  • Paying for a care worker (16%)
  • Increasing retirement income (15%)
  • Home repairs (15%)
  • Helping children and grandchildren financially (12%)
    

Figures from the Equity Release Council show annual lending to new and existing customers totalled £3.89bn in 2020 – up from £945m in 2009.

Clive Bolton, Managing Director of Savings and Retirement at LV=, said:

“The equity release market has grown over the past decade as consumers understand that it is a mainstream retirement planning option for people who want to unlock the value in their home to enjoy the retirement they want.

“The growth in the market over the past 10 years has been driven by a combination of factors: house prices have risen strongly, interest rates on lifetime mortgages have fallen sharply and equity release products have become a lot more flexible. Modern plans now allow policyholders to make voluntary or partial repayments with no early repayment charge for helping to boost the popularity of the sector.

“Equity release used to be regarded as a product of last resort but as more people carry debt into retirement they understand the important role it can play in funding their lifestyle.

“I expect that the equity release market will grow strongly in the second half of the year as lockdown ends and life begins to return to normal. Retirees are likely to use equity release to pay for new experiences after lockdown and a year of missing out, while those people who have been forced to take early retirement because of redundancy will consider equity release to clear debts.”

Stephen Auckland, CEO at Age Partnership, said:

“Over the past twelve months, most people have re-evaluated aspects of their lives, including their plans for how to finance their retirement years.

“The later life mortgage market has been incredibly resilient throughout this Covid period, but the demand for lifetime mortgage products is likely to grow even further in the next few years, as the full ramifications of repaying the costs of Covid are revealed. The good news for our customers is that the latest lifetime mortgage products have flexible repayment options, exceptionally low interest rates and can assist with both immediate and long-term requirements.

“While the requirement is there to access funds, it is essential customers seek out the advice of gold standard, regulated, equity release advisors.  They will carefully discuss and understand individual circumstances and will recommend a product that meets personal objectives. This is a lifetime decision and requires the highest standards of advice and empathy.”

LV= and equity release

LV= offers Lifetime Mortgage Lump Sum and Lifetime Mortgage Drawdown equity release plans.

In 2020 LV= expanded its presence in the equity release market with the launch of a new platform supporting its products and the launch of a new drawdown product – Lifetime Mortgage Drawdown+. Using the LV= Equity Release Portal, advisers can produce key facts illustrations, submit and track lifetime mortgage applications online enabling customers to release money from their homes.

LV= also agreed a partnership with Age Partnership to advise customers contacting them directly about taking out an equity release plan.

The post 5.8 Million Plan to Use Their Home to Help Fund Retirement appeared first on Financial Mark.

The LV= Wealth and Wellbeing Monitor* – a quarterly survey 4,000+ UK consumers – reveals that reduced spending on commuting, childcare, eating out and going on holiday has enabled 72% (38m) people to say their household has saved money as a consequence of the pandemic.

How people have been saving**

• Nearly three-quarters (72%) of UK adults surveyed say their household has saved money as a result of reduced spending due to covid restrictions (E.g. reduced commuting costs, childcare costs, eating out costs, etc.). Those that did save saved on average nearly £5,500 during the past 12 months.
• 8% (4.4m) say their household saved over £10,000 as a result of reduced spending due to covid restrictions.
• 79% of parents with young children say their household has saved money, and those that saved money saved on average over £8,000 because of reduced childcare costs
• One in five (1.4m) mass affluent people – those with assets of between £100,000 and £500,000 excluding property – say their household has saved over £10,000.

Savings & Cash ISAs are most popular:

UK consumers are split on what they are doing with these savings: 28% (10.6m) have put it in savings or cash ISAs. One in five (8.2m) are spending their savings on a holiday. 19% (7.4m) are using it for home improvements.

Longer term savings are proving less popular. Only 5% are saving extra into a pension and only 8% are saving into an investment or stocks & shares ISA.

Mass affluent people – those with assets of between £100,000 and £500,000 excluding property – are twice as likely as the general population to have put their savings into long-term investments (16% vs 8%),  invested for their children or grandchildren (11% vs 6%) or saved into a pension (8% vs 5% overall).

Clive Bolton, Managing Director of Savings and Retirement at LV=, said:

“LV=’s research indicates that much of the accumulated saving has been concentrated among relatively well-off households. The UK has been divided into two groups: those who are struggling on reduced incomes, and those whose income has remained stable and whose costs have been greatly reduced.

“The past 12 months has been tough for many, especially for those who have been put on furlough, made redundant or who are self-employed. However, those people who have remained in work have been able to save large sums as large expenses such as holidays, commuting costs, childcare and entertainment have vanished.

“LV=’s next wave of research will give an indication about how the end of lockdown will change spending and saving patterns.”

The post 4.4 Million Save Over £10,000 Due to Covid Restrictions appeared first on Financial Mark.

The LV= Wealth and Wellbeing Monitor* – a quarterly survey of 4,000+ UK adults – reveals that a rising proportion of adults say their finances have improved over the past three months and expect their finances to improve over the next three months, compared to the end of 2020.

The LV= Wealth and Wellbeing Monitor reveals:

• 18% (9.6m) people expect their finances to improve over the next three months, compared to 12% (6.4m) surveyed at the end of 2020.
• 18% (9.5m) people said their finances had improved over the past three months, compared to 11% (5.8m) surveyed at the end of 2020
• 27% (14.5m) say they have increased their savings over the past three months, compared to 23% (12.1m) surveyed at the end of 2020.
• There has been a big fall in the proportion of people worried about contracting Covid-19. In March 2021 23% (12.1m) people said they were worried about contracting the virus compared to 32% (17.1m)  in December 2020

Clive Bolton, Managing Director of Savings and Retirement at LV=, said:

“The last three months have been difficult for millions of people, but increasing numbers are becoming more optimistic about the future.  LV=’s research indicates that although many people are still struggling financially, fewer people are worried about contracting Covid and an increasing proportion expect their finances to improve over the next three months.”

The LV= Wealth and Wellbeing Indices:

LV= uses indices to track overall changes to spending, saving and finances. The below indices are calculated by: subtracting the % who stated a negative change over the past 3 months (e.g. decrease/ worse) from the % who stated a positive change over the past 3 months (e.g. increase/ better), to work out the overall impact.

The above data shows that although a number of indices are still negative, there has been a positive improvement to all indices between Dec 2020 and March 2021. More detailed data on the indices, including trend graphs, have been included alongside this press release.

• Personal finances sentiment improves: The index measuring the change to personal finances over the past three months has improved 16 points from -25 in December 2020 to -9 in March 2021. Although many are still struggling financially, in March 2021 we’ve seen an increase in those with improving finances.
• Financial optimism improves: The index measuring financial outlook has risen from -14 in December 2020 to -2 in March as a growing number of people expect their finances to improve over the next three months.
• Savings rates increase: The index measuring saving behaviour has risen from -1 to 10 between December 2020 and March 2021, likely due to lockdown causing reduced outgoings. The index measuring pension saving also rose, going from -4 to 2 between December 2020 and March 2021.
• Spending in supermarkets remains elevated but socialising is down: The index measuring supermarket spend rose from 13 to 18. Due to lockdown, socialising spend remained low at -47 (compared to -52 in Dec 2020).

Clive Bolton, Managing Director of Savings and Retirement at LV=, added:

“Figures from the LV= Wealth and Wellbeing Monitor highlight just how difficult life has been over the last 12 months. The finances of millions of people have deteriorated since the summer but there is a growing confidence among consumers that their finances will improve over the next three months.

“Savings rates are increasing and a sense of growing optimism driven by the vaccine roll-out and the prospect of easing of lockdown could help drive a strong economic recovery in the second half of this year. That will be good news to the millions of people who have seen their jobs and finances damaged by the pandemic over the past 12 months.”

The post Nearly 10 Million Expect Their Finances to Improve Over the Next Three Months appeared first on Financial Mark.

The LV= Wealth and Wellbeing Monitor*- which tracks the behaviour of 4,000 UK consumers – reveals:

• 8.3m (48%) of 25-44 year olds with no IP cover have become interested in taking out income protection insurance to safeguard their earnings, while 40% with no life cover are considering life assurance
• 7% of 25-44 year olds surveyed had acquired a protection product in the past three months
• But nearly one in five (19%) 25-44 year olds without IP cover say they have never heard of income protection insurance, and 14% without life cover are unaware of life assurance.

The LV= Wealth and Wellbeing Monitor reveals that 25-44 year olds are more likely than older age groups to be struggling with the financial repercussions of the second coronavirus lockdown. Many are also pessimistic about the outlook for their finances.

• Some 44% of 25-44 year olds said their finances were worse than three months ago (compared to 36% of UK adults), with only 12% saying they were better.
• 30% of 25-44 year olds expect their finances to worsen over the next three months (compared to 26% of UK adults), while 14% expect it to improve.

Debbie Kennedy, Protection Director at LV=, said:

“The pandemic, lockdowns and furlough has caused a huge amount of financial damage to millions of households who are worried about maintaining a steady income.

“The challenges of the coronavirus pandemic and further lockdowns have forced people to re-evaluate their priorities and spending habits to tackle short-term instability. People are now more aware of the vital importance of their income and the vulnerability of their finances.  It is encouraging to see more people interested in protecting their income, and how this is becoming more important than traditional life insurance for younger people.

“As a leading income protection provider, LV= continues to promote the importance of protecting income through our own efforts, through collective action with the Income Protection Task Force and by supporting financial advisers.

“We should be educating the wider public as an industry about protecting income and the added benefits included when taking out a protection policy, going the extra mile to provide financial and emotional support to those that need it.”

The post Over Eight Million Uninsured Adults Aged 25-44 Now Considering Income Protection appeared first on Financial Mark.

The figures – produced from the LV= Risk Reality Calculator – are featured in the new LV= Fuel for Life online report for financial advisers specialising in protection.

The report offers tools and support for financial advisers and highlights how protection policies help households experiencing periods of financial hardship. It reveals that:

• LV= collectively paid £3.2m in Income Protection and Personal Sick Pay claims between March and October last year, supporting over 1,000 customers. Cancer and musculoskeletal conditions were the most commonly claimed for conditions.
• Over 193 LV= members who suffered financial distress due to Covid have benefited from payment breaks, resulting in £29,500 of waived premiums. LV= continues to offer payment breaks to those struggling to pay premiums until 30th April 2021, with cover remaining in place.

The LV= Risk Reality Calculator highlights the risks of people being unable to work for more than two months, suffering a serious illness or dying. The combined risk of a 26-year-old couple experiencing any of these events rises to 70%.

Designed to be used by financial advisers, it produces a personalised risk report for potential income shocks, helping advisers address unexpected scenarios such as being unable to work for long periods of time due to illness.

The coronavirus pandemic has highlighted the need for households to protect their income from illness and accidents. An LV= survey found that 4% of adults had bought a new protection product in the past three months, indicating that more are considering new policies to strengthen their financial safety net.**

Debbie Kennedy, Protection Director at LV=, said:

“We believe that protecting income is the bedrock of financial resilience and many are still vulnerable to unforeseen shocks that can affect their daily lives.

“In light of the nation entering the third national lockdown, LV= is determined to continue supporting members who are facing tough economic conditions.

“We will continue our support for financial advisers and build on the work we did last year. In 2020 we introduced our ‘refreshinar’ programme, a series of webinars to support advisers, which was attended by more than 10,000 advisers. Nearly 4,000 have already signed up to our early 2021 sessions.”

LV= members also have access to support services including:

LV= Doctor Services (included as standard on all protection policies) gives access to six expert medical services, all available through a convenient app including: — Remote GP 24/7 – appointments around the clock for every day health concerns through to serious conditions. The service is, for example, used for enquiries about skin conditions and moles.

LV= Member Care Line (included as standard on all protection policies) – Free and unlimited access to a 24/7 Member Care Line, including health and counselling services. This is operated by qualified professionals who can provide expert support and guidance when it’s needed most. This could include advice on their medical condition, coping with the loss of a loved one or coming to terms with their medical diagnosis.

The post Couple in Their 20s Have Nearly Two in Three Chance of Being Unable to Work for Two Months or More appeared first on Financial Mark.