Norwich Union will offer free life cover to pipeline customers applying for Life Insurance With Tax Relief and Mortgage Life Insurance With Tax Relief.
Norwich Union will offer free life cover to pipeline customers applying for Life Insurance With Tax Relief and Mortgage Life Insurance With Tax Relief. This will provide peace of mind for customers and advisers who are confused by the announced changes regarding Pension Term Assurance (PTA) rules in the pre-Budget report.
The offer of free life cover is in addition to Norwich Union’s existing Protection Promise1.
The benefits for customers are:
- Free life cover for all customers who have acceptance terms
- Free life cover for customers who fall outside the time period of the Protection Promise
- The amount payable on death is equal to the sum assured or Ł1 million, whichever is lower.
Louise Colley, head of protection marketing at Norwich Union, said: “This week’s pre-Budget report has introduced considerable confusion around the PTA market and many insurers, including Norwich Union, have suspended sales until there is more certainty.
“With this move, Norwich Union is leading the way in offering security for its customers until there is more clarity in the marketplace.
“This ensures advisers are able to offer reassurance to Norwich Union customers, and that customers who have applied for PTA policies now have the peace of mind that they have life cover in place.”
The offer of free life cover for Norwich Union pipeline customers will be available until further notice.
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Press office contacts:
Robert Pell 01904 452659 Out of hours 07800 699563
Louise Soulsby 01904 452617 Out of hours 07800 699526
Notes to editors:
1 Norwich Union’s Protection Promise provides:
- Free life cover between application and acceptance of a policy (for a maximum of three months)
- The amount payable on death is either twice the sum assured, or Ł1 million, whichever is lower
- The Protection Promise does not cover death by suicide, pre-existing conditions at the time of application.
About Norwich Union
Norwich Union is the UK’s largest insurer. It is a leading provider of life, pensions and investment products and one of the largest financial adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.
Norwich Union is the UK’s largest general insurer with a market share of around 14%, with a focus on insurance for individuals and small businesses.
Norwich Union’s news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media