Aviva has launched Whole of Life Insurance+ for the advised market. The underwritten whole life policy covers anyone aged between 18 and 85 and Aviva says the plan is particularly suited to high value clients who are looking to help cover their inheritance tax liability or to leave a legacy.
The main benefits of the plan include:
* The ability to pre-qualify client applications prior to financial and medical checks.
* Easily accessible trust and taxation technical expertise on hand for high-value clients throughout the application process.
* Dedicated points of contact to chase GP medical exams and arrange underwriting terms.
Also included is a second opinion service from Best Doctors, access to Bupa’s Anytime HealthLine and counselling and care support.
The plan is available on single or joint lives (first or last death) and premiums are guaranteed. There is no surrender value at any time. Waiver of premium can be added (paying premiums up to age 71) and an increasing benefit option is available too, when the sum insured goes up in line each year with the Retail Prices Index (max 10% pa).
Cover can be changed, underwriting free, on a significant life change or if IHT legislation changes. A separation benefit means joint life policies can be spilt if the couple separate. Cover can also be reduced at any time.
The launch follows the recent introduction of Aviva’s Living Costs Protection policy – as well as enhancements to its critical illness product.
What They Say
Head of protection distribution Mark Cracknell said: "We are pleased to bring a policy to market that offers the complete package; with the product, price and support provided through a strong brand that advisers are familiar with.
"Our focus is to offer comprehensive protection to our customers and to help intermediaries grow their business by protecting more lives, more easily.
"By successfully combining the elements consumers need in a new proposition, Whole of Life Insurance+ provides a bespoke high-value service and tax planning support."
What We Say"Whole life is essentially a very simple product that pays out on death when you die, whenever that may be. It covers a wide variety of client needs from simple low cost guaranteed acceptance funeral plans up to multi-million pound solutions for high net worth clients.
"Aviva’s new plan is aimed more towards the latter group and includes key services often needed to get the policy accepted. By giving advisers help in pre-qualifying clients, getting medical evidence in as quickly as possible and on-hand tax and trust advice should all help improve conversion ratios. Of course, that has to be linked to competitive rates, good customer benefits and the Aviva brand will be known to clients too, so the overall package looks strong.
"On one level, there are few product features that are new, but innovation is much more than just product features and, by focusing on service elements too, Aviva’s proposition looks to be one that should help more advisers look again at the opportunities available in the protection space."