Aviva has launched an integrated high value protection proposition to support advisers with high-net-worth clients amid growing demand for inheritance tax planning.
The business has brought together two teams from Aviva and APUK to create a single specialist unit dedicated to helping advisers protect their HNW clients. As part of the change, Aviva has closed the former APUK proposition to new business but will continue to honour existing pipeline cases in line with agreed timelines.
It said the new proposition will broaden cover options, improve accessibility and offer 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.
The proposition also offers broadened access raising maximum entry ages and expanding Joint Life Second Event eligibility to support advisers with holistic cover.
Fran Bruce, managing director, protection at Aviva, said: “The launch of our High Value solution represents an exciting step forward for Aviva. 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.”
Aviva is introducing a two-tier service model to ensure cases are managed on complexity and value.
The Premier tier offers a more specialised and dedicated assistance for the most complex, ultra-high-value cases. Advisers will have access to a named, dedicated case owner from both underwriting and administration, as well as an enhanced third-party medical service. Aviva said applications will be assessed within 24 hours and medical evidence within 48 hours.
It is available for applications exceeding £5 million for life insurance and £1 million for critical illness or where the monthly premium exceeds £750.
The second 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 a year for both Premier and High Value customers.
Aviva said cases will typically be handled by the High Value team, unless they form part of a broader protection case that meets Premier tier criteria.
Ben Whatling, High Value strategic accounts manager at Aviva, commented: “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.”
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