Aviva Life insurance was founded in 1810 by the name of American of Philadelphia. This firm was to later become a subsidiary of the Commercial Union Assurance Company. In its early years, the company primarily dealt with tornado, fire and marine insurance for consumers. The US headquarters for Aviva can be located in West Des Moines, Iowa.
Over the years the company also went through several acquisitions and was eventually known by the name of General Accident. This name was changed again to AmerUS Group before being acquired by Aviva insurance of UK which is fifth largest insurance company in the world and dates back to 1696. Following the acquisition, the name was changed to Aviva Life and Annuity Company in 2007. As of 2013, the firm was Athene Holding.
Aviva is one of the largest insurance providers in the market. They account for close to one million customers in the US alone. There are over 33,000 insurance agents who sell Aviva products all across the country. The company has received a superior rating and employs over 40,000 people globally, generating more than $2 billion in operating income annually.
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Aviva is one of the largest insurance players in the US and offers brokers a large target market to cater to. With nearly one million customers from the US alone, Aviva has over the years emerged as one of the most sought after companies dealing in life insurance policies and other services.
The company offers three main types of life insurance policies to consumers.
Term Life Insurance
These types of policy are usually purchased for 10, 20 or 30 years and are called level term policies since the monthly premium rates are constant for a specified level. Those looking to buy Annual Renewable Term policies should note that the policy would expire each year unless the investor decides to renew for the following year. Here too, the premium rates are guaranteed at a specific level in the form of 10 year increments. While taking a policy, the minimum you can go in for is $50,000.
Universal Life Insurance
This type of policy is apt for individuals who are looking to add to the value of their insurance over a long period of time. Consumers have a lot more options here regarding determination of premium payments and these can also be changed throughout the length of the policy. Some of the key features offered by the policy are tax free death benefits, guaranteed minimum interest rates, customization of premium and coverage payments and free withdrawals up to 20 per cent.
Indexed Universal Life Insurance
These policies are similar to universal policies but differ in the way they are underwritten. Interest is calculated using a different underwriting principle and policyholder here can earn returns on major indices from the stock market. Here the policyholder stands to enjoy better interest rates if the stocks perform well unlike universal policies where the rates are predetermined by the insurance company. The policy also offers a minimum guaranteed interest for all policyholders to ensure they do not suffer losses even during economic downturns.
Aviva today is ranked No 1 in the US for total sales of indexed life insurance policies. They have $53 billion in assets and serve more than 930, 000 customers in the US alone.
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* The information provided is intended for licensed insurance agents only. It is not intended for the purpose of advertising the insurance products to the general public.
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