Article date: 21 February 2005
Norwich Union Healthcare published for the firsttime today its Income Protection (IP) Claims Report. The reportshows that in 2003 the company paid out over £34 million in claims.The Income Protection Claims Report is designed to be used byadvisers as a sales aid to promote income protection to clients andshow the valuable benefits available should a client need toclaim.
Nick Homer, income protection product manager atNorwich Union Healthcare, said: "Income protection is a muchoverlooked policy. We hope these statistics will help advisersovercome product reticence and enable advisers to show that in alot of cases IP can better meet their clients’ needs than themore favoured critical illness policies and in a lot of cases thepayout with an IP policy can be much higher. "
He continued: "According to statistics from theOffice of the Deputy Prime Minister in 2002/2003 the top reason formortgage arrears in the UK was loss of earnings due to sickness andinjury with nearly a quarter of people surveyed giving that as thereason. An income protection policy would enable them to continuepaying the mortgage and in certain cases we could help to re-trainand rehabilitate customers to enable them to return to work if notin their original occupation then something more suitable."
The guide follows on from the success of therecently launched IP/PMI toolkit, and the launch last year ofNorwich Union Healthcare’s intermediary website –www.healthcarezone.co.uk alluseful tools designed and developed by NUHC to help advisers growtheir portfolio of business.
Advisers who would like a copy of the IncomeProtection Claims Report can request a free copy by calling theHealthcare Bureau on 0845 3000 649 or download the PDF fromwww.healthcarezone.co.uk.
Press office contacts:
LornaWiltshire 07788 471849
James Evans 01904 452791 07800 699525
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. Norwich Union is one of the largest providers of incomeprotection and private medical insurance in the UK.
- The Healthcare Bureau is a dedicated intermediary one-stop-shopfor all technical, marketing and administrative requirementsregarding Norwich Union’s PMI and IP.
- Norwich Union Healthcare is authorised and regulated by theFinancial Services Authority and is a member of the Association ofBritish Insurers and the Financial Ombudsman Service.