Aviva is launching what it describes as a market first relevant life insurance plan that comes with the option to add critical illness cover.
One of two new business protection products on the Aviva Life Protection Solutions (ALPS) online platform, the inclusion of critical illness benefit as an option on represents a significant change for the business protection market says the provider, making it easier for advisers to cover their clients’ business protection needs in one application. Relevant life insurance provides individual death in service benefit for a single employee, typically senior executives not covered within a group life plan.
Aviva is also launching Business Life Insurance Options, which offers life and critical illness cover for business clients. Both products are available from today.
Aviva says advisers transacting through the ALPS platform can expect a straight-through rate of around 75 per as a result of its system’s interactive underwriting processes. The self-serve function stores all policy documents online.
The platform provides a full online quote, apply and track facility, with multi-product applications enabling advisers to apply for both of Aviva’s business protection products at the same time. An enhanced protection promise up to £1 million benefit recognises the higher average case size for business protection. Aviva also offers a support line and specialist account managers, including a dedicated team for high value cases, who will provide pro-active support as well as help with any underwriting, tax or trust queries.
The two protection products include access to a network of medical experts through Second Opinion by Best Doctors.
Aviva managing director of protection Louise Colley says: “Historically, relevant life policies have tended to only include a death benefit and terminal illness benefit, so I’m 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. This is a market first and we believe that it will really help advisers write more protection business more easily.”
