In a move that has the potential to shake up the business protection insurance market, Aviva have announced the launch of the first relevant life plan with an option for critical illness coverage.
Available through the Aviva Life Protection Solutions (ALPS) online platform, there are two new business protection products available. In addition to the relevant life cover, there is also a life and critical illness plan specifically for business clients.
In the past, Aviva’s relevant life insurance only provided individual death in service benefits and terminal illness for an employee. However, the addition of a critical illness benefit option signifies a substantial market change that will make it easier for advisers to address their clients’ business protection needs in a single application. Advisers are able to handle case administration at a time that is convenient for them, thanks to the self-serve function and the inclusion of all policy documents being stored on-line.
The on-line platform offers a complete on-line quote, an apply and track facility, with multi-product applications, and an improved protection promise of up to £1m benefit. This is in recognition of the higher average case size for business protection. In addition, Aviva provides business protection advisers will end-to-end support, via a support line and specialist account managers who will provide pro-active assistance, as well as assist with any underwriting, trust, or tax queries. High value cases will be assigned a dedicated support team.
“Historically, relevant life policies have tended to only include a death benefit and terminal illness benefit, so I am delighted that following extensive research and advice from external legal counsel, we are able to offer a fully-compliant critical illness benefit on our new relevant life insurance.”, said Louse Colley, Aviva’s managing director of protection.
She continued with, “This is a market first and we believe that it will really help advisers write more protection business more easily.”
The plan covers 43 100 per cent payment conditions, as well as an additional 11 payment conditions and terminal illness cover. The plan can run until age 75 and can be taken out for a minimum period of one year.
According to Mark Dennison, the owner of LightBlue UK, a company of protection specialists stated, “Adding critical illness to relevant life and allowing one application across different products gives the client and their adviser more options in the way they write business protection cover.”
We at mykeymaninsurance.com are very happy with the added benefit. Jody added “Many of our clients ask if critical illness can be added to a relevant life policy, now it can”
Anyone looking for a quote for relevant life with critical illness insurance can fill in our quote form here.