Aviva Group Protection
Aviva now includes what was Friends Life (with, in turn, all its constituent companies) and the insurer has introduced a number of updates to its group risk plans, which comprise:
Group Income Protection. A range of deferred periods, benefit levels and payment terms is offered. Maximum basic benefit is £425,000 a year.
Group Life. Spouses and partners can also be covered. Maximum benefit is 15 times salary.
Group Critical Illness. Pre-existing conditions are automatically excluded. Up to 25% discount is available on a range of UK health clubs. Maximum benefit is £500,000 and spouses/partners can be covered too.
Group Cancer Cover. This offers a low cost plan with a fixed benefit of £25,000 per member.
Flexible Benefits. This allows employers with at least 250 employees the flexibility to include group protection covers within Aviva’s Flex-pertise plan.
A number of new features have been added including:
An optional benefit which allows employees who have previously been diagnosed with cancer to still get some group CI or cancer only cover. The CI benefit is paid on diagnosis of a new, unrelated cancer as defined by the policy terms.
A number of the existing critical illness definitions have been improved.
Members get discounts on general insurance products including home, travel and car insurance.
There is now a wide range of value added services including access to:
support service RedArc and its Personal Nurse Adviser service
the specialist second opinion service Best Doctors
a stress helpline provided by Care First
a bereavement and legal helpline
the Home of Health website that encourages employees to learn more about their health
an employee assistance programme (EAP), as part of the income protection product, provided by Care First. This now offers up to eight face to face counselling sessions and is available to all of a policyholder’s insured and non-insured employees.
The new group risk plans are available to existing clients of Aviva and Friends Life on their next renewal, with current terms and conditions applying until then.
Comment: Aviva has done a good job in merging the old Aviva and Friends Life group risk propositions. Employers and employees will also take comfort from dealing with a very big brand.
One of the main features is offering cancer and CI cover (optionally) to those who have had cancer. The benefit only covers new cancers (as you would expect) but it is good to see an insurer widening the base of people it will accept as customers rather than trying to restrict it (as many individual insurers do in effect, due to their tough underwriting stance).
Choosing a group risk insurer is often down to price and service, but Aviva’s basic product proposition looks to be sound and should be popular with advisers as well as their group clients.
Plus points: A new updated group risk proposition from two of the best known names in group risk (Aviva and Friends Life); A useful and practical range of added value services; Optional CI And cancer only cover (new cancers only) for those who have had cancer; Good policy limits and underwriting practice;
Not so plus points: Any merger usually means the loss of some benefits, which some employers may be unhappy with; Not as innovative as some group risk propositions.
Website: www.aviva-for-advisers.co.uk
Rating (max 10): Innovation: 8. Overall: 8. Gold
Tags: Group life; Aviva