Article date: 8 July 2004
Norwich Union Healthcare announced today enhancements to itsSafeGuard individual income protection (IP).
One of the main enhancements to the product is periods ofabsence due to the same cause during the deferred period are nowlinked (where the deferred period is 13 weeks or more). We believethis is unique in the individual IP market, as it is usually onlyavailable on group income protection policies.
The aim of this change is to ensure our customers are notdisadvantaged under the policy for an attempt to return to work.Another important change is that we no longer require notificationof change of occupation.
At the same time Norwich Union Healthcare is the first providerto launch a consumer guide for income protection which has beenproduced using the standard format recommended by the Associationof British Insurers (ABI). The guide is designed to help consumersdecide if IP is a suitable product for them to purchase and can byused by IFAs during the sales process. It’s a generic guidepromoting the need for the product rather than the specifics ofNorwich Union Healthcare’s SafeGuard product.
The guide is available as a PDF download at www.healthcarezone.co.uk.IFAs can also download an updated SafeGuard policy technical guideand policy wording, which gives full details of these enhancements,together with a copy of the notice to intermediaries summarisingthe changes.
Nick Homer, income protection product manager at Norwich UnionHealthcare, said: "A key strategy for us is to raise awareness ofthe need for income protection. It is a core product that consumersneed to protect their lifestyle if they were to fall ill or have anaccident that left them unable to work, yet currently only 11% ofthe working population have IP.
Homer continued: "Whilst most term assurance and criticalillness policies can provide a one off lump sum at claim, IPprovides ongoing income and support. We hope these enhancementswill support sales of IP and that the guide will be useful for IFAsin the sales process by helping consumers understand the importantbenefits IP can provide."
Press office contacts:
Lorna Wiltshire 01904 723236 Out of hours 07788 471849
James Evans 01904 452791 Out of hours 07790 487105
Louise Soulsby 01904 452617 Out of hours 07810 057362
David Gwyer 01904 452828 Out of hours07800 699508
Rob Pell 01904 452659 Out of hours 07968 934091
Notes to Editors
- Norwich Union is the UK's largest insurer. It is a leadingprovider of life, pensions and investment products and one of theleading IFA providers. IFAs provide around 70% of the company'slong-term savings business in the UK
- Norwich Union has strategic alliances with building societiesand other leading UK brand names including Tesco Personal Financeand The Royal Bank of Scotland Group.
- Norwich Union’s news releases and a selection of imagesare available from Aviva's internet press centre at www.aviva.com/media.
Norwich Union Healthcare
- Norwich Union Healthcare was founded in 1990 as the healthcarearm of Norwich Union and now provides a range of income protectionand private medical insurance products that cover over 750,000lives. It is one of the largest providers of income protection andprivate medical insurance in the UK.
- SafeGuard is administered by Norwich Union Healthcare Limitedand underwritten by Norwich Union Life and Pensions Limited.Member of the Association of British Insurers and the FinancialOmbudsman Service.