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 Article on: NORWICH UNION | Broker Help 2020


Norwich Union Life Assurance

NORWICH UNION LIFE INSURANCE

History

Norwich Union was founded in 1797 in Norwich. In 1997, Norwich Union demutualised and floated as a PLC on the Stock Exchange.  Today their products include Norwich Union Life Assurance plus general insurance, motoring, healthcare policies. 

 In 2000, Norwich Union merged with CGU, which itself was formed from the merger of General Accident and Commercial Union in October 1998. Upon merging they formed CGNU Life Insurance Group which went on to become the Aviva group.

In 2007 Aviva completed the acquisition of Hamilton Insurance from HFC Bank plc , a subsidiary of HSBC Finance Corporation. Norwich Union then looked after branded policies from these companies that have become part of the Aviva group over the years:- General Life Assurance, Scottish Insurance Corporation, Yorkshire Insurance Company & Yorkshire-General.
 
However from 2008, the Aviva Life Insurance became dominant as they decided historically to drop the 200 year old Norwich Union brand. At the time this was maybe contentious in the UK because Aviva then was less well known. 

Norwich Union offered in the day a wide range of insurance products - Life Insurance, decreasing (mortgage protection) or level term assurance, Life with Critical Illness, Children's Critical Illness, Income Protection and Un-Employment cover. 

Back in the day Norwich Union had alliances to sell their insurance products to the customers of various Banks & Building Societies as well as via brokers.

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Article on: Norwich Union Life Insurance ~ 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.) 

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Compare Norwich Union Aviva Life Insurance Quotes

NORWICH UNION (AVIVA) LIFE INSURANCE - Frequently Asked Broker Questions

Can you make changes to your Norwich Unionlife insurance policy ?

In terms of changing your life insurance policy, often you can request some of the following via AVIVA:

  • reduce or perhaps extend the period of cover
  • decrease or increase the amount of lifecover
  • remove indexation option or any specific paid for policy features
  • change the collection date of your usual premiums
  • remove a life assured from a joint policy
  • joint life policy separation, allowing a joint policy to be split into 2 new single policies if a couple divorce, split up or say change a joint mortgage into a sole name. 

The changes could be subject to medical underwriting based on your circumstances at the time & may well affect your premiums.

What if my health or lifestyle changes after I have taken the Norwich Union 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 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.

Norwich Union | AVIVA Life Insurance  > Free Insurance Quotes

Death Claims, Life Insurance Trusts & Life of Another

Who 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.

Should I put my Norwich Union Aviva 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.

What is the Best Aviva Life Insurance Policy ?

There were several different types of schemes available ( see products review ). Please get a no obligation quote from our website first to get an idea of both cost & terms available; it is best to speak to one of our Professional Advisers before buying.

If I started smoking after taking out my Norwich Union 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. 

Norwich Union | Aviva Life Insurance

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For protection we offer products based on a fair and personal analysis

By completing one of our no obligation quotation request forms, you may be provided with comparison protection quotes, key facts from leading Providers - based just on the basic information you have provided. Note: These quotes will not take account of any personal, health or lifestyle issues unless a full application is completed. You also consent for us to then kindly contact you by phone - where we may offer Professional Broker help & guidance if needed. We may as appropriate then help to arrange a suitable protection policy based upon your own circumstances & needs after a further review by "advice & recommendation". This will usually be on a non face to face basis.

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