New figures from Norwich Union, part of Aviva, show that 87% of customers who take out an equity release plan through Norwich Union are extremely or very satisfied with the service they receive.
- Norwich Union figures reveal strength of advice process
New figures from Norwich Union, part of Aviva, show that 87% of customers who take out an equity release plan through Norwich Union are extremely or very satisfied with the service they receive.
The high level of customer satisfaction underlines the strength of Norwich Union's equity release advice service. Of the thousands of people who approach Norwich Union each year to enquire about equity release each year only about one in five go on to take out a plan.
Anthony Rafferty, head of marketing, post retirement for Norwich Union said: "We are delighted by these figures; there certainly are not many companies that can say more than 87% of customers have such high satisfaction levels with the service and products they receive. One of the reasons for success is that we have a rigorous advice process and do not recommend equity release to potential customers unless it is right for them.
"Equity release can be an excellent way to release money from a home, but for others it isn't necessarily the best option. For example, we would advise against it if we find that a person has other sources of income, would prefer to move to a smaller house, or they could lose benefits and be worse off financially after taking out a scheme.
"Equity release is a long-term product and we recommend that people think long and hard, and consult family and friends before taking out a plan. It is our aim to provide financial solutions that enable people to enjoy their later years as much as possible. For many people equity release can provide a source of income and great peace of mind."
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Press office contact:
Sarah Poulter: 01904 452828 / out of hours 07800 691569
David Gwyer: 07800 693187
The Wriglesworth Consultancy:
Lee Blackwell / Karen Butcher/ Zara Hosford
Telephone: 020 7427 1400
E-mail: l.blackwell@wriglesworth.com
Notes to editors:
Figures are compiled from Norwich Union's monthly survey of equity release customers. 235 customers were surveyed in October 2008. Norwich Union can only advise on products sold or marketed by Norwich Union.
About equity release
Norwich Union is a leading provider of equity release plans in the UK. Source SHIP
Equity release is a way of unlocking some of the capital in your home and turning it into cash - without having to move. Norwich Union offers three types of equity release plan. These are known generically as:
- Lifetime mortgage: A loan secured against your home, with no regular repayments to make as the loan and interest are rolled up and usually repaid when you die or if you need to move into long-term care.
- Home reversion plan: Enables you to sell all or a percentage of your home in return for a cash lump sum.
- Lifetime mortgage including a drawdown option: A lifetime mortgage that enables customers to unlock some of the value in their home by releasing an initial amount of money and keeping a reserve fund available that can be released in future when required.
Taking a lump sum plus our costs will reduce the value you have in your home and therefore any inheritance you leave. You tax and welfare benefits may also be affected.
SHIP membership
Norwich Union is a found member of SHIP (Safe Home Income Plans), a group that was launched in 1991 and is dedicated entirely to the protection of plan-holders and promotion of safe home income and equity release plans. All participating companies are pledged to observe the SHIP Code of Practice.
About Norwich Union
Norwich Union is one of the UK's biggest life insurers. It is a leading provider of life, pensions and investment products and one of the largest financial adviser (FA) providers. FAs provide over 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 CIS 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
In the summer of 2009 Norwich Union will change its name to Aviva. Aviva is the world's fifth largest insurance group and operates in 27 countries. Aviva is to become the customer brand worldwide, thus enabling the company to compete even more effectively on a global scale for the benefit of customers, staff, business partners and shareholders.