"Bringing together specialist expertise, enhanced capabilities and dedicated support enables us to provide advisers with an even stronger offering for their high-net-worth clients."
- Fran Bruce - Aviva
Aviva has brought together two teams, from Aviva and APUK (formerly AIG Life) to launch a new integrated high value proposition and two-tier underwriting service designed to help advisers amid rising demand for inheritance tax (IHT) planning.
New features include expanded estate-planning options such as joint life second event term cover, updated IHT-related benefits, and extended life change and separation benefits for rated clients.
The proposition also raises maximum entry ages and expands joint life second event eligibility.
This is combined with increased maximum cover limits of over £100m and a more automated pricing process that aims to deliver faster turnaround times and a more efficient experience for advisers.
As part of the changes, Aviva has also closed the former APUK proposition to new business and will continue to honour existing pipeline cases in line with agreed timelines, simplifying the offering for advisers in a single place.
In addition, Aviva has introduced a two-tier underwriting service model. The premier tier is available for applications exceeding £5m for life insurance and £1m for critical illness or where the monthly premium exceeds £750 a month.
This tier aims to offer more specialised and dedicated assistance for the most complex, ultra-high-value cases. Advisers will have access to a named case owner from both underwriting and administration, as well as a third-party medical service. Applications will be assessed within 24 hours and medical evidence within 48 hours.
The high value tier handles applications requiring life insurance above £1.5 million, critical illness over £750,000, whole-of-life policies above £500,000, and income protection providing more than £125,000 a year. This also supports any protection product with premiums of £500 a month or more.
Income protection will have maximum cover of £240,000 cover per year for both premier and high value customers. Cases will typically be handled by the high value team, unless they form part of a broader protection case that meets premier tier criteria.
Aviva says that advisers will also have access to wealth and technical expertise, as well as its updated digital guidance and support including an online hub featuring tools, calculators and a technical support area.
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"The launch of our high value solution represents an exciting step forward for Aviva," Fran Bruce, managing director, protection, Aviva said. "Bringing together specialist expertise, enhanced capabilities and dedicated support enables us to provide advisers with an even stronger offering for their high-net-worth clients.
"We have listened to advisers and designed this to meet increasingly sophisticated client requirements, strengthening our ability to support wealth and estate planning conversations, while helping advisers deliver tailored protection solutions with confidence.
"We look forward to helping more clients protect their wealth, their families and the legacy they've worked hard to build."
Ben Whatling, high value strategic accounts manager, Aviva, added: "Amid rising demand for inheritance tax planning and a recognition of the role protection can play in wealth planning, advisers tell us they need faster decisions, clearer routes to expertise and more support on the biggest cases.
"By bringing together the strengths of Aviva and APUK into one enhanced proposition and dedicated high value team, we’re giving advisers a simpler, more connected experience.
"Our new service model offers a truly integrated sales, underwriting and pricing journey, with the Premier tier taking this a step further for ultra-high-value cases. Ultimately, our goal is to make life easier for advisers, helping them deliver the right outcomes for clients who require a higher level of protection."
