Article date: 8 December 2006
Norwich Union will offer free life cover to pipeline customersapplying for Life Insurance With Tax Relief and Mortgage LifeInsurance With Tax Relief. This will provide peace of mind forcustomers and advisers who are confused by the announced changesregarding Pension Term Assurance (PTA) rules in the pre-Budgetreport.
The offer of free life cover is in addition to NorwichUnion’s existing Protection Promise1.
The benefits for customers are:
- Free life cover for all customers who have acceptanceterms
- Free life cover for customers who fall outside the time periodof the Protection Promise
- The amount payable on death is equal to the sum assured or £1million, whichever is lower.
Louise Colley, head of protection marketing at Norwich Union,said: “This week’s pre-Budget report has introducedconsiderable confusion around the PTA market and many insurers,including Norwich Union, have suspended sales until there is morecertainty.
“With this move, Norwich Union is leading the way in offeringsecurity for its customers until there is more clarity in themarketplace.
“This ensures advisers are able to offer reassurance toNorwich Union customers, and that customers who have applied forPTA policies now have the peace of mind that they have life coverin place.”
The offer of free life cover for Norwich Union pipeline customerswill be available until further notice.
Press office contacts:
Robert Pell 01904452659 Out of hours 07800 699563
Louise Soulsby 01904 452617 Out of hours 07800 699526
Notes to editors:
1 Norwich Union’s Protection Promiseprovides:
- 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 £1 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 theUK’s largest insurer. It is a leading provider of life,pensions and investment products and one of the largest financialadviser (FA) providers. FAs provide over 70% of the company'slong-term savings business in the UK.
Norwich Union is the UK’s largest general insurer with amarket share of around 14%, with a focus on insurance forindividuals and small businesses.
Norwich Union’s news releases and a selection of images areavailable from Aviva's internet press centre at www.aviva.com/media