Aviva Life Insurance 2025: Is It Worth It?
Our expert's opinion on Aviva
Aviva Canada presents a comprehensive life insurance portfolio, earning a solid rating for its range of term, whole, and universal life plans, guaranteed payouts, and traditional cash-value accumulation, though premium flexibility is exclusive to its universal life product.
Compared to major Canadian insurers, Aviva positions itself as a traditional, broker-driven provider with competitive pricing for standard risk profiles, focusing on foundational coverage rather than innovative hybrid products.
The insurer’s offerings are particularly well-suited for individuals and families seeking straightforward, long-term financial protection, such as mortgage coverage through term life or estate planning with permanent policies.
While specific financial strength metrics are not provided, Aviva supports policyholders with an online claims portal and broker-assisted service, though public feedback is minimal with a 2.5/5 Trustpilot score from only two Canadian reviews and a claim timeline aligning with the 2–4 week industry standard.
- ✅Term, whole, and universal life plans
- ✅Optional critical illness and accidental death riders
- ✅Guaranteed conversion option for term life policies
- ✅Online and phone claim submission
- ✅Flexible premiums on universal life policies
- ✅Competitive pricing for standard risk profiles
- ✅Digital customer portal for policy management
- ❌High surrender charges in early policy years
- ❌Limited cash value access for first five years
- ❌Very few public Canadian customer reviews
- ❌No live chat support for immediate assistance
- ❌Potential for claim processing delays
Score- ✅Term, whole, and universal life plans
- ✅Optional critical illness and accidental death riders
- ✅Guaranteed conversion option for term life policies
- ✅Online and phone claim submission
- ✅Flexible premiums on universal life policies
- ✅Competitive pricing for standard risk profiles
- ✅Digital customer portal for policy management
Our expert's opinion on Aviva
- ✅Term, whole, and universal life plans
- ✅Optional critical illness and accidental death riders
- ✅Guaranteed conversion option for term life policies
- ✅Online and phone claim submission
- ✅Flexible premiums on universal life policies
- ✅Competitive pricing for standard risk profiles
- ✅Digital customer portal for policy management
- ❌High surrender charges in early policy years
- ❌Limited cash value access for first five years
- ❌Very few public Canadian customer reviews
- ❌No live chat support for immediate assistance
- ❌Potential for claim processing delays
Score- ✅Term, whole, and universal life plans
- ✅Optional critical illness and accidental death riders
- ✅Guaranteed conversion option for term life policies
- ✅Online and phone claim submission
- ✅Flexible premiums on universal life policies
- ✅Competitive pricing for standard risk profiles
- ✅Digital customer portal for policy management
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Chez HelloSafe, our life insurance experts review the terms and pricing of insurance policies on the market every year to provide you with a reliable and unbiased analysis. Thanks to this rigorous approach, hundreds of thousands of users in Canada trust us each month to guide them in their most important financial decisions.
The guarantees of Aviva life insurance
Aviva provides three main types of life insurance coverage in Canada, each designed to meet different financial planning goals.
- Term life insurance: This provides coverage for a fixed period (e.g., 10, 20, or 30 years). It pays out a tax-free death benefit if the insured person dies within the term. It is generally the most affordable option and can often be converted into a permanent policy later.
- Whole life insurance: This offers lifelong coverage with fixed premiums. It builds a guaranteed cash value over time that you can borrow against. Some whole life policies may also be "participating," meaning they can earn dividends.
- Universal life insurance: This is another form of permanent insurance that combines a death benefit with a savings or investment component. It offers more flexibility than whole life, allowing you to adjust your premiums and death benefit as your needs change.
Key available riders include:
- AD&D
- Waiver of Premium for disability (WOP)
- Critical Illness
- Conversion guarantee
- Indexed growth
- Participating dividends
- Education/conjoint annuity
| Feature | Term Life | Whole Life | Universal Life | Hybrid |
|---|---|---|---|---|
| 🪙 Death benefit | Guaranteed level amount for the term | Guaranteed lifetime amount | Flexible, can be level or increasing | ❌ |
| 📈 Cash value accumulation | ❌ | Yes, guaranteed growth rate | Yes, linked to investment performance | ❌ |
| 💸 Policy loans | ❌ | Yes, against cash value | Yes, against cash value | ❌ |
| 🛡️ Available riders | Critical Illness, WOP, AD&D | Child Term, WOP, AD&D | Critical Illness, WOP, AD&D | ❌ |
| 🔄 Conversion guarantee | Yes, to a permanent policy | ❌ | ❌ | ❌ |
| 📈 Participating dividends | ❌ | Yes, if it is a participating policy | ❌ | ❌ |
| 💲 Cost of key riders (as % of base premium) | Additional premium | Additional premium | Additional premium | ❌ |
| 🔄 Premium flexibility | ❌ | ❌ | Yes, within specified limits | ❌ |
| ⏳ Surrender charges | ❌ | Yes, decreases over time | Yes, decreases over time | ❌ |
| 🎂 Issue age range | 18-75 | 0-80 | 18-70 | ❌ |
| 🔒 Guaranteed level | Premiums for the term | Premiums and death benefit | Cost of insurance rates | ❌ |
The cost of Aviva life insurance
Aviva determines life insurance premiums based on a comprehensive risk assessment of the applicant.
Key factors include your age, health status, lifestyle choices like smoking, and the desired level of coverage.
The final premium reflects the statistical probability of a claim, with higher-risk individuals paying more for the same amount of insurance.
- Age: Premiums increase by approximately 15% for each decade of age.
- Health status: The presence of pre-existing medical conditions adds around 20% to the base premium.
- Smoker status: Applicants who use tobacco products pay approximately 50% more than non-smokers.
- Coverage amount: Each additional $100,000 of coverage increases the premium by about 10%.
- Policy term: Longer terms, such as a 30-year policy versus a 10-year policy, result in higher monthly premiums.
- Rider costs: Optional riders add between 3% and 5% to the total premium for each benefit selected.
| Profile | Coverage amount | Non-smoker premium | Smoker premium | Professional premium |
|---|---|---|---|---|
| 30-year-old, healthy | $500,000 | $28/month | $42/month | $26/month |
| 40-year-old, healthy | $500,000 | $43/month | $65/month | $41/month |
| 50-year-old, healthy | $500,000 | $75/month | $113/month | $72/month |
What are the surrender charges for Aviva life insurance?
When an Aviva permanent life insurance policy, such as Whole Life or Universal Life, is cancelled early, a surrender charge is applied. This fee is designed to cover the insurer's initial costs and is deducted directly from the policy's accumulated cash value. There is a waiting period of five years before the policy can be surrendered without incurring a penalty. The surrender charge percentage is highest in the first year and decreases annually until it reaches zero in the fifth policy year, at which point the full cash surrender value becomes available to the policyholder, less any applicable taxes on investment gains.
| Year | Fee % | Example & Tax treatment |
|---|---|---|
| 1 | 80% | $2,000 returned on a $10,000 cash value; gains are taxable. |
| 2 | 65% | $3,500 returned on a $10,000 cash value; gains are taxable. |
| 3 | 50% | $5,000 returned on a $10,000 cash value; gains are taxable. |
| 4 | 30% | $7,000 returned on a $10,000 cash value; gains are taxable. |
| 5+ | 0% | $10,000 returned on a $10,000 cash value; gains are taxable. |
Surrender at year 1 vs. year 5
If you surrender a policy with a $10,000 cash value in year one, an 80% fee ($8,000) is applied, and the capital returned is $2,000. If you surrender the same policy in year five, the fee is 0%, and the capital returned is $10,000.
The Exclusions and Limitations of Aviva Life Insurance
Aviva life insurance policies include standard exclusions that may limit or void the payment of a death benefit:
- Suicide (first two years): A benefit is not paid if the insured dies by suicide within the first two policy years.
- Extreme sports: Coverage excludes death resulting from participation in hazardous sports or other high-risk recreational activities.
- Private aviation: The policy does not cover death occurring as a result of non-commercial or private flights.
- Criminal acts: No benefit is paid if death occurs while the insured is committing or attempting an illegal act.
- War or terrorism: The policy excludes deaths that are a direct result of declared war or acts of terrorism.
- Misrepresentation: Claims may be denied for undisclosed pre-existing conditions or false information on the application.
- Alcohol or drug use: A claim can be denied if death is directly related to intoxication or substance abuse.
- Assistance services: The policy does not include additional benefits like teleconsultation or medical repatriation services.
What customers think of Aviva's life insurance
Based on customer feedback, here is a summary of the main points regarding Aviva's services:
✅ A competitive pricing structure is often highlighted as a positive feature.
✅ The online claims process is frequently mentioned for its convenience.
❌ A lack of direct digital support and transparency is a point of concern for some clients.
❌ The claims process is sometimes subject to delays and communication issues, according to some reports.
Here are examples of reviews left online:
- "Easy to set up and very affordable. The online application was straightforward and customer service answered all my questions.", Jane D., July 2024, Trustpilot.
- "Claims process was slow and I had to call several times for updates. Not happy with the communication.", Mark L., May 2024, Trustpilot.
How to Contact Aviva?
| Detail | Information |
|---|---|
| Address | 10 Aviva Way, Suite 100, Markham, Ontario, L6G 0G1 |
| Phone | 1-800-387-4518 (General customer service line) |
| csc.ca@aviva.com | |
| Website | https://www.aviva.ca |
| Responsiveness / Hours | Customer service is available Monday to Friday, from 8 a.m. to 8 p.m. (EST). |
| Live chat | A live chat feature is not available for customer support inquiries. |
| Social media | Twitter: @AvivaCanada, Facebook: AvivaCanada |
FAQ
Is the payout from Aviva life insurance taxable in Canada?
In Canada, the death benefit from a life insurance policy is generally paid to beneficiaries tax-free. This ensures they receive the full intended amount without it being considered taxable income. However, for permanent policies like whole or universal life, any gains on the cash value component may be taxed if the policy is surrendered or a withdrawal is made before death.
Can I cancel my Aviva life insurance policy and get my money back?
You can cancel your policy at any time, but whether you get money back depends on the policy type. Term life insurance does not build cash value and typically offers no refund upon cancellation. Permanent policies like whole and universal life accumulate a cash value that you may receive, but it could be reduced by surrender charges if you cancel within the first few years of the policy.
How long does it take to receive a payout after making a claim?
While Aviva does not specify an exact timeline, the industry standard for processing a life insurance claim is typically two to four weeks. This period begins once all the necessary documents, such as the death certificate and claim forms, have been submitted and verified. Delays can sometimes occur if the claim requires additional investigation or if the documentation is incomplete.
Who can be a beneficiary on my policy?
You have the flexibility to name any person, trust, or organization as the beneficiary of your Aviva life insurance policy. It is also possible to designate multiple beneficiaries and specify the percentage of the death benefit each one should receive. It is crucial to keep your beneficiary designations up to date to ensure your wishes are carried out.
Do I need a medical exam to get covered by Aviva?
The need for a medical exam depends on several factors, including your age, the amount of coverage you're applying for, and your overall health. Many applicants will only need to answer a medical questionnaire to qualify for coverage. However, for higher coverage amounts or for older applicants, a medical exam may be required as part of the underwriting process.
What are the main differences between term, whole, and universal life insurance?
Term life insurance provides coverage for a specific period and is generally the most affordable option, but it does not build cash value. Whole life insurance offers lifelong protection with guaranteed premiums and a cash value that grows over time. Universal life insurance also provides permanent coverage but adds flexibility, allowing you to adjust your premiums and death benefit while building a cash value that can be invested.
Can I add riders to my policy after it has started?
The ability to add riders, which are optional benefits like critical illness or waiver of premium, depends on the specific rider and policy terms. Some riders must be chosen when you first purchase the policy, while others may be added at specific times, often subject to new underwriting. For specific options available for your policy, it is best to speak with your broker.
Is the payout from Aviva life insurance taxable in Canada?
In Canada, the death benefit from a life insurance policy is generally paid to beneficiaries tax-free. This ensures they receive the full intended amount without it being considered taxable income. However, for permanent policies like whole or universal life, any gains on the cash value component may be taxed if the policy is surrendered or a withdrawal is made before death.
Can I cancel my Aviva life insurance policy and get my money back?
You can cancel your policy at any time, but whether you get money back depends on the policy type. Term life insurance does not build cash value and typically offers no refund upon cancellation. Permanent policies like whole and universal life accumulate a cash value that you may receive, but it could be reduced by surrender charges if you cancel within the first few years of the policy.
How long does it take to receive a payout after making a claim?
While Aviva does not specify an exact timeline, the industry standard for processing a life insurance claim is typically two to four weeks. This period begins once all the necessary documents, such as the death certificate and claim forms, have been submitted and verified. Delays can sometimes occur if the claim requires additional investigation or if the documentation is incomplete.
Who can be a beneficiary on my policy?
You have the flexibility to name any person, trust, or organization as the beneficiary of your Aviva life insurance policy. It is also possible to designate multiple beneficiaries and specify the percentage of the death benefit each one should receive. It is crucial to keep your beneficiary designations up to date to ensure your wishes are carried out.
Do I need a medical exam to get covered by Aviva?
The need for a medical exam depends on several factors, including your age, the amount of coverage you're applying for, and your overall health. Many applicants will only need to answer a medical questionnaire to qualify for coverage. However, for higher coverage amounts or for older applicants, a medical exam may be required as part of the underwriting process.
What are the main differences between term, whole, and universal life insurance?
Term life insurance provides coverage for a specific period and is generally the most affordable option, but it does not build cash value. Whole life insurance offers lifelong protection with guaranteed premiums and a cash value that grows over time. Universal life insurance also provides permanent coverage but adds flexibility, allowing you to adjust your premiums and death benefit while building a cash value that can be invested.
Can I add riders to my policy after it has started?
The ability to add riders, which are optional benefits like critical illness or waiver of premium, depends on the specific rider and policy terms. Some riders must be chosen when you first purchase the policy, while others may be added at specific times, often subject to new underwriting. For specific options available for your policy, it is best to speak with your broker.
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