Norwich Union Healthcare launches Income Protection Solutions

Article date: 7 July 2008

  • Guaranteed and reviewable rates available
  • High maximum benefit level £180k

Norwich Union Healthcare today launched Income Protection Solutions, an individual income protection product (IIP) designed for the intermediary sales channel. This new proposition offers competitive terms with no standard exclusions, guaranteed and reviewable rates, flexibility of options such as limited benefit terms and retirement ages from 50 to 70 as well as being one of the most competitively priced products in the market.

Nick Homer, marketing propositions manager at Norwich Union Healthcare, said: "State incapacity benefit currently only provides £75.40 per week (rising to £84.50 after 52 weeks) which for most people is nowhere near enough to meet their needs. Consequently many people are currently vulnerable to the potentially devastating financial effects caused by long-term incapacity. Also, the State welfare system is set to be reformed further in October this year, meaning the need for long-term income protection has never been greater. "

"This launch affirms our commitment to growing this market and our belief that intermediaries have a critical role to play in helping people understand the need to protect their income. Our new proposition, with its improved pricing, flexibility and support services will make it easier for intermediaries to both address their clients' needs and transact business with us".

Understanding that it's often a difficult time for customers when they need to make a claim, Norwich Union provides individual claims advisers, many of whom are trained counsellors, who will complete the forms for the customer over the phone and our rehabilitation service is provided by medically trained staff who can help get policyholders back into work.

With over 60 years' experience in providing income protection Norwich Union Healthcare remains committed to this market and has further income protection proposition developments planned for the future.

Further information about Income Protection Solutions can be found at www.aviva.co.uk/income-protection/.

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Media contacts:
Lucy Grubb - Norwich Union press office
Telephone: 020 7662 3624 / 07800 691935 
E-mail: lucy.grubb@norwich-union.co.uk

Notes to editors:

About Income Protection Solutions

  • Guaranteed or reviewable rates
  • Cover for up to 60% of first £25,000 gross earnings and 50% of the remainder, up to a maximum of £180,000
  • A choice of retirement ages from 50 up to 70 years of age
  • Option to reduce cost with a Limited Benefit Payment term paying benefit for a maximum of five years
  • Deferment period choice of 4, 8, 13, 26, 52, 56, 104 and 112 weeks - dual deferred periods also available on one plan
  • Guaranteed insurability option
  • No standard exclusions
  • Level or Index Linked (Retail Price Index) benefit basis
  • Lump sum benefit on death during the first twelve months of a claim
  • A dedicated team of highly trained claims advisers
  • Claims dealt with over the phone with the claims adviser completing the forms

Additional benefits

  • Access to Personal Health Manager - online and telephone based health management tool
  • 24 hour GP Helpline and Stress Helpline
  • Providing customers with help and information when they are ill
  • Providing advice to prevent illness

Sample quotes
30 year old male, non-smoking office worker, requiring £850 per month cover to age 65, after 13 weeks deferred - cost £19.98/month for guaranteed rates with benefits increasing annually by RPI.

35 year old female, non-smoking vet, requiring £1,000 per month cover to age 62, after 52 weeks deferred - cost £47.05/month for guaranteed rates with benefits increasing annually by RPI.

About Norwich Union Healthcare
Norwich Union Healthcare was founded in 1990 as the healthcare arm of Norwich Union and now provides a range of private medical insurance, income protection, occupational health and group life products and services that cover over 2,400,000 lives. It is one of the largest providers of income protection and private medical insurance in the UK.

Norwich Union Occupational Health, a sister company of Norwich Union Healthcare, provides occupational health solutions and services to a wide range of industry sectors. By utilising their large fleet of purpose built mobile clinics and approved medical centres, staffed by a team of experienced occupational physicians and nursing staff, the services are designed to meet the individual needs of clients.

Norwich Union Healthcare is authorised and regulated by the Financial Services Authority and is a member of the Association of British Insurers and the Financial Ombudsman Service.

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