COMMERCIAL UNION ASSURANCECommercial Union Life Assurance was founded in 1600's so was one of the UK's oldest trading insurers. In 1998 General Accident [GA Life] and Commercial Union merged to form CGU plc. Commercial Union Life Company [CU Life] was also once a major force in the protection market place with its direct sales force CUFS. Their famous TV advert said "we do not make a drama out of a crisis" In 2000, Norwich Union merged with CGU, which itself was formed from the merger of General Accident & Commercial Union in 1998. Upon merging they formed CGNU Life Insurance Group, which in 2002 was then renamed as the Aviva group. In 2008 Aviva Life Company announced they were also ending the brand name of Norwich Union. At the end of 2014 Aviva agreed to buy Friends Life and then absorbed it into their Group. Aviva Insurance Company today is one of the world's largest insurers - covering life & pensions, general insurance, motoring & healthcare policies and is sold widely via the web, tv, phone, banks, post office, building societies & brokers. Although as a brand Commercial Union are no longer available for new UK protection business, you maybe able to amend or adjust your existing Commercial Union insurance policy by contacting either Aviva or a Financial Adviser. Looking in 2021 to compare old Commercial Union Life Insurance products. COMMERCIAL UNION INSURANCE - OLD PRODUCT REVIEW 2020COMMERCIAL UNION - MORTGAGE PROTECTIONDesigned to cover a repayment mortgage on death or terminal illness as it decreases during the plan term. COMMERCIAL UNION - WHOLE OF LIFE INSURANCE COVERA whole of life policy that will always payout whenever death may occur. COMMERCIAL UNION - LIFE INSURANCEOffering family protection if the policy holder dies or is diagnosed with a terminal illness during the term. COMMERCIAL UNION - CRITICAL ILLNESS INSURANCEHelps ease financial worries if you or your children are diagnosed with a critical illness as specified by Commercial Union Insurance. MORTGAGE ACCIDENT SICKNESS REDUNDANCY - Level CoverProtect your mortgage payments & bills if off sick, have an accident or lose your job. COMMERCIAL UNION - INCOME PROTECTIONProviding security by way of a tax free income if you are off sick or have an accident or disability. COMMERCIAL UNION - ENDOWMENT POLICYOffering protection if the policy holder dies or is diagnosed with a critical or terminal illness during the mortgage plan term; Designed to provide a lump sum at the end to be used usually toward repayment of an endowment interest only mortgage loan.
COMMERCIAL UNION INSURANCE - Frequently Asked Broker QuestionsCan you make changes to your Commercial Union life insurance policy ?In terms of changing your life insurance policy, often you can request some of the following:
The changes could be subject to medical underwriting based on your circumstances at the time & may well affect your premiums. Please contact Aviva What if my health or lifestyle changes after I have taken the policy out ?Life Insurance cover is based on full disclosure at the time you took the policy out ie; being 100% as honest & accurate as possible. So any health or lifestyle changes since usually does not void your existing policy, as it wasn't relevant at that time of initial application. Please check your original T&C's How do I make a Death Claim ?Check firstly if premiums are still being paid or alternatively is the policy perhaps "paid up" meaning no further premiums were needed. Then contact the Insurers AVIVA claims line to inform them. They will provide you with their claim form for completion. You will need to send in a number of documents, most importantly being the death certificate proving the cause of death. Insurers ( as well as other Providers ) will need the original death certificate, so ideally ask for several certified copies. Enclose your policy document, if you can find it and then send by recorded delivery or registered post to Insurers. Once received, the Insurers usually cross check all information before processing and settling a valid claim ie; was the medical & lifestyle information correct at the time of original application If everything is hopefully in order, the Insurer may pay out a claim & usually in a matter of days or weeks. Death Claims, Life Insurance Trusts & Life of AnotherWho the life insurance maybe actually then paid out to can be more complicated & many people wrongly assume it is a simple process. If it is a joint life 1'st death policy or if it single life policy owned by another person " life of another" then it will just be paid to the survivor. However, if it is a single life policy it can be more complex. Check if the policy was setup & written into a trust. If so the Insurer will pay the life insurance via the trustees named to the nominated beneficiaries directly. Sometimes there are a named beneficiary & others times a list of potential beneficiaries. The life insurance paid out doesn’t have to be included in the legal documents sent for probate and potentially it won’t be liable for inheritance tax either. So should I put my Commercial Union Life Insurance policy into Trust ?If the life insurance wasn’t written into trust, it will be paid to the executors of the deceased’s estate. They will handle the administration, known as probate in N Ireland, England, Wales and confirmation in Scotland. If not, the benefits will fall into your estate if you died prematurely. If you have not made a will this can then cause further complications with the life insurance monies. Until probate is fully granted, no monies can be paid out to those named in the will. On average, this can take upto 6 months. By not placing the plan into trust may also swell up the total estate values, leading to potentially Inheritance Tax IHT issues So placing a policy in trust can help to ensure that the policy proceeds go to the correct beneficiaries you decide to nominate at that stage & help avoid possible probate delays & IHT costs. Ask the Insurers if they provide any standard trust form wordings & seek legal advice if unsure. How do Life Insurance Companies proove you are a smoker or non-smoker ?How do Insurance Companies know if you smoke ? On your doctors notes you declared yourself a smoker or non-smoker. So on the life insurance application, there is no point in lying when you apply, as your policy may not payout & you could waste the premiums and leave your family devastated. If I started smoking after taking out Life Insurance - Do I need to now tell them ?If you had legitimately stopped smoking for over 12 months at that time of original application, you may wish to advise the Insurers you have started smoking again - but this should not affect the original policy terms which should still stand - you were being honest. Also maybe suggest letting your GP know if this is the case. Review on: Commercial Union Assurance ~ for more information visit www.aviva.co.uk * ( * Note: You are now leaving the regulated site of Uk Life Insurance Quotes. Neither ourselves, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.) FOR PROTECTION PRODUCTS WE USUALLY OFFER FROM A RANGE OF PROVIDERS Commercial Union Insurance Company Review 2020 | ||||||||||||||||||
Commercial Union
| ||||||||||||||||||
| ||||||||||||||||||
www.intergage.co.uk | ||||||||||||||||||
www.webdesigninhampshire.co.uk |