Norwich Union, part of Aviva, has increased the maximum sum assured for term (no options) business to £50 million (increased from £20 million).
Norwich Union, part of Aviva, has increased the maximum sum assured for term (no options) business to £50 million (increased from £20 million). The large case team provide a bespoke service for business with a sum assured over £1.5 million including contact within two working days of the application being received, a named point of contact for updates, at a frequency and method agreed with the advisor, and a price and commission matching service. The team can now also consider requests written on non standard terms, for example outside the normal age, medical or sum assured limits.
Trevor Bailey, director of protection at Norwich Union, said: "The protection gap stands at a staggering 2.3 trillion1, and Norwich Union continues to look for ways to help people get both the personal and business cover they need. This move provides more flexibility on a wider range of policies and is in response to demand from advisers for greater capacity for those clients at the high net worth end of the market."
This action follows the raising of maximum sum assured for group whole of life to £20 million in August and the launch of Norwich Union's Business Protection toolkit, to help advisors close the £500 billion business protection gap2, in September.
-ends-
1 Source: Swiss Re Term & Health Watch 2008
2 The potential market for life cover amongst SMEs was estimated to be in excess of £500bn by Swiss Re in 2005.
Press office contacts:
Holly Smart 07800 699218
Notes to editors:
Our term assurance pays a lump sum on death during the plan term. There is no cash-in value at any time.
The maximum sum assured of £50 million applies to level term cases only and would be reduced for:
- Older lives (over 65 years)
- Cases with large underwriting loadings
Where conversion and renewal options are included the following limits apply:
- £0 - £10 million: renewal and/or conversion available
- over £10 million to £20 million: renewal available
- over £20 million: no options available
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