UK: Norwich Union Healthcare enhances income protection

Norwich Union Healthcare announced today enhancements to its SafeGuard individual income protection (IP).

One of the main enhancements to the product is periods of absence due to the same cause during the deferred period are now linked (where the deferred period is 13 weeks or more). We believe this is unique in the individual IP market, as it is usually only available on group income protection policies.

The aim of this change is to ensure our customers are not disadvantaged under the policy for an attempt to return to work. Another important change is that we no longer require notification of change of occupation.

At the same time Norwich Union Healthcare is the first provider to launch a consumer guide for income protection which has been produced using the standard format recommended by the Association of British Insurers (ABI). The guide is designed to help consumers decide if IP is a suitable product for them to purchase and can by used by IFAs during the sales process. It’s a generic guide promoting the need for the product rather than the specifics of Norwich Union Healthcare’s SafeGuard product.

The guide is available as a PDF download at www.healthcarezone.co.uk. IFAs can also download an updated SafeGuard policy technical guide and policy wording, which gives full details of these enhancements, together with a copy of the notice to intermediaries summarising the changes.

Nick Homer, income protection product manager at Norwich Union Healthcare, said: "A key strategy for us is to raise awareness of the need for income protection. It is a core product that consumers need to protect their lifestyle if they were to fall ill or have an accident that left them unable to work, yet currently only 11% of the working population have IP.

Homer continued: "Whilst most term assurance and critical illness policies can provide a one off lump sum at claim, IP provides ongoing income and support. We hope these enhancements will support sales of IP and that the guide will be useful for IFAs in the sales process by helping consumers understand the important benefits IP can provide."

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Press office contacts:
Lorna Wiltshire 01904 723236 Out of hours 07788 471849
James Evans 01904 452791 Out of hours 07790 487105
Louise Soulsby 01904 452617 Out of hours 07810 057362
David Gwyer 01904 452828 Out of hours07800 699508
Rob Pell 01904 452659 Out of hours 07968 934091

Notes to Editors

• Norwich Union is the UK's largest insurer. It is a leading provider of life, pensions and investment products and one of the leading IFA providers. IFAs provide around 70% of the company's long-term savings business in the UK
• Norwich Union has strategic alliances with building societies and other leading UK brand names including Tesco Personal Finance and The Royal Bank of Scotland Group.
• Norwich Union’s news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.

Norwich Union Healthcare

• Norwich Union Healthcare was founded in 1990 as the healthcare arm of Norwich Union and now provides a range of income protection and private medical insurance products that cover over 750,000 lives. It is one of the largest providers of income protection and private medical insurance in the UK.
• SafeGuard is administered by Norwich Union Healthcare Limited and underwritten by Norwich Union Life and Pensions Limited. Member of the Association of British Insurers and the Financial Ombudsman Service.