Aviva has launched an integrated high value protection proposition to support Financial Planners and advisers with high net worth clients amid rising demand for IHT planning.
As part of the change, Aviva has closed the former APUK proposition to new business but said it will continue to honour existing pipeline cases in line with agreed timelines.
It said the new proposition offers greater flexibility for advisers and clients. New features include expanded estate planning options such as joint life second event term cover, improved IHT related benefits and extended life change and separation benefits for rated clients.
It said the proposition also offers broadened access raising maximum entry ages and expanding joint life second event eligibility to support advisers with holistic cover.
Aviva has brought together two expert teams, from Aviva and APUK (formerly AIG Life), to create a single unit to help advisers protect HNW individuals. It’s created a new role of high value strategic accounts manager which will be performed by Ben Whatling who will work closely with Planners and advisers.
Fran Bruce, managing director, protection at Aviva said: "Bringing together specialist expertise, enhanced capabilities and dedicated support enables us to provide advisers with a stronger offering for their high-net-worth clients. We have listened to advisers and designed this to meet increasingly sophisticated client requirements.”
Aviva has introduced a two-tier service model. The premier tier offers more specialised and dedicated assistance for the most complex, ultra-high value cases. It is available for applications exceeding £5m for life insurance and £1m for critical illness or where the monthly premium exceeds £750 a month.
The high value tier handles applications requiring life insurance above £1.5m, critical illness over £750,000, whole of life policies above £500,000, and income protection providing more than £125,000 a year.