If you’re a smoker, life insurance can be expensive. reviti offers discounts for smokers looking to quit.
As a smoker, the cost of insurance can be up to three times more expensive than that of a non-smoker, and many insurers require you to have quit smoking for at least a year before offering lower premiums.
reviti life insurance is provided by tobacco giant Phillip Morris and targeted at smokers and ex-smokers. It offers large discounts customers who quit smoking or switch to Phillip Morris’ IQOS smoke-free device.
See how reviti life insurance works and if it’s right for you below.
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Who is reviti?
reviti is a life insurance firm launched by tobacco giant Phillip Morris, designed specifically for ex-smokers and those looking to quit smoking. Where most insurers punish smokers or ex-smokers with higher premiums, reviti is offering incentives to those who want to improve their health by quitting tobacco.
reviti life insurance is underwritten by Scottish Friendly, one of the UK’s largest mutual life offices.
What types of life insurance does reviti offer?
reviti offers Term Life Insurance that will pay out a lump sum to your family in the event of your death or if you’re diagnosed with a terminal illness. You can choose two levels of cover, depending on your needs.
- Level cover. With level cover, the cost of your monthly premium and the size of your payout remain the same.
- Decreasing cover. Under this type of policy, the cost of your premiums decrease over time, as does the size of your insurance payout. If you have a mortgage, you can use this type of policy to cover the outstanding amount as you continue to pay off your mortgage.
reviti life insurance customers can also receive a discount on their premiums for quitting smoking or switching to a smoke-free alternative. Along with its life insurance, reviti has a lifestyle and wellbeing app and has partnered with Lloyds Pharmacy and NHS Smokefree to provide resources for those looking to quit smoking.
reviti Term Life Insurance
reviti’s Term Life Insurance covers people aged between 18 and 80 for an agreed period of time. Your family will receive a lump sum payment when you die or are diagnosed with a terminal illness, up to a maximum value of £750,000.
reviti Decreasing Life Insurance
Like level term cover, decreasing life insurance will cover you for an agreed period, provided you continue to pay your premiums. On this type of policy, both the size of your premiums and insurance payout will decrease over time. Decreasing life insurance is often used to cover a mortgage or over large debt, which is paid off over time. As the size of the debt reduces, so too does the size of your potential insurance payout.
The maximum payout will also be determined by the age you are when you start your policy.
|Age when your policy starts||Maximum payout|
What is covered under my reviti policy?
You can be covered for £10,000 up to £750,000, and your family will receive a payout in the event you die due to an accident, serious illness or injury. You will not be covered if you fail to pay your monthly premium, or in the case of suicide within the first year of taking out the policy.
You’re free to reduce your level of cover at any time, which will also affect the size of your premium.
reviti life insurance exclusions
Like with most policies, there are things that will not be covered under reviti life insurance:
- Failing to provide accurate, complete and true information
- Death as a result of war, terrorism or gross negligence
- Suicide will not be covered during the first 12 months of the policy
- If you’re more than 30 days late on paying your premium your cover will be stopped
What’s the claims process for reviti’s life insurance?
Your family can make a claim by contacting Scottish Friendly and completing a claim form. This should be done within six months of your death.
They may also need to provide additional documentation to verify your identity as well as bank details.
Benefits of reviti life insurance
- Offers discounts up to 50% for those who quit smoking
- Has a range of resources to help customers quit
- Flexible term lengths
Drawbacks of reviti life insurance
- You will only get the 25% discount by switching to Phillip Morris’ IQOS device
- reviti currently does not offer critical illness cover or shared policies
- Level of cover is capped by age
- No whole-of-life or increasing cover options