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 Business protection

Critical Illness re-launch

Introducing business protection


Our Aviva Life Protection Solutions (ALPS)  platform has been designed to help make writing business protection with us as seamless as possible. 

With flexible products, expert support on hand, and the ability to quote, apply and track your cases online, we've got everything you need to succeed - take a look at this short guide for more information.

Bespoke service for high value cases

High value client PDFHigh value clients, and the cases you submit for them, have very specific needs. Learn more about the bespoke service our specialist High Value team provides.

Find out moreabout our bespoke service for high value cases

Flexible products

RLI information

Our Relevant Life Insurance also offers the option of including a critical illness benefit.


Find out moreabout Relevant Life Insurance

Quote, apply and track cases online

Tracking guideBoth our business protection products are available on ALPS and thanks to our multi-product applications, you can apply for both of them at the same time.

Find out moreabout our online protection services

Support at every stage

Support information linkLearn more about the expert support available before and after the policy starts. From underwriting to tax and trusts, help is on hand every step of the way.

Find out moreabout the support we offer

Business Life Insurance Options


Our Business Life Insurance Options policy can be used to provide key person, shareholder, partnership or business loan protection. It offers a choice of life cover or life and critical illness cover. A range of additional options are also available. You can apply online using the button below.

Quote and apply

Features and benefits

  • Cover available for public and private limited companies, limited liability partnerships, individual partners of a partnership and sole traders.
  • Premiums start from as little as £5 a month.
  • Clients can choose:
    - The cover amount and policy term
    - Level cover or decreasing cover with selectable interest rates to match a business loan.
  • Options available: increasing cover, waiver of premium, total permanent disability, conversion and renewal options.
  • The cover amount can be paid as a lump sum or in annual instalments.
  • Specialist team of financial and medical underwriters.
  • Online 'virtual underwriter' gives you an immediate decision.
  • An enhanced Business Protection Promise - we've increased the amount of free life cover we offer through our Protection Promise up to £1 million.
  • A straightforward claims process backed by a dedicated UK-based claims team: your clients can claim online, over the phone or by post.
  • Business Life Insurance Options has no cash in value at any time.

Client suitability

 It’s been designed for clients who:

Key person

Shareholder protection

Business loan

Want to protect against the financial consequences of the death of a key person - e.g. someone that has specific expertise or is otherwise central to the running of the business.

Want to protect against the financial consequences of the death of a shareholder or partner.

Want to protect the repayment of a mortgage or loan, should a shareholder or partner die.

Have creditors.

Have creditors.

Have creditors.

Want cover for a specific term.

Want cover for a specific term.

Want cover for a specific term. 

-

Have financial dependants.

Have financial dependants.

-

-

Want life cover that decreases over the term of the policy.

 It’s unlikely to be suitable for clients who:

Key person

Shareholder protection

Business loan

Want an investment-linked arrangement

Want an investment-linked arrangement

Want an investment-linked arrangement

Want protection for the whole of their life

Want protection for the whole of their life

Want protection for the whole of their life

Want a cash-in value

Want a cash-in value

Want a cash-in value

What do your clients need to think about?

Key person

Shareholder protection

Business loan

Level of cover required.

Level of cover required.

Level of cover required.

Existing levels of cover.

Existing levels of cover.

Existing levels of cover.

Their current health.

Their current health.

Their current health.

Any financial liabilities they may have.

Any financial liabilities they may have.

Any financial liabilities they may have.

Succession planning.

Succession planning

Succession planning.

 Possible alternatives:

Key person

Shareholder protection

Business loan

Self-insurance using existing assets

Self-insurance using existing assets

Self-insurance using existing assets

Whole of life policy

Whole of life policy

Whole of life policy

Facts and figures

Cover types

Cover types

Detail

Notes

Level cover for:
Key Person Protection, Shareholder/Partnership Protection

The cover amount stays the same throughout the life of the policy

  • The cover amount is payable as a lump sum, unless the instalment option is chosen. If the instalment option is chosen, the lump sum will be split and be payable in up to five equal yearly payments.

Decreasing cover for:
Business Loan Protection

The cover amount decreases each month broadly in line with a decreasing loan using a fixed interest rate

  • The cover amount is payable as a lump sum. Your client can choose the policy interest rate (4 to 18%).

Limits

Criteria

Min/Max

Detail

Notes

Life cover

Max age at entry: 89

Pays out on death or terminal illness

  • The policy must end before the life covered's 91st birthday.

Life & critical illness cover

Max age at entry: 64

Pays out on death, terminal illness or critical illness

  • For guaranteed premiums, the policy must end before the life covered's 76th birthday.
  • For reviewable premiums, the policy must end before the life covered's 91st birthday.

Term

Min term

1 year

  • 5 years if your client chooses the conversion, renewal or increasing cover options
  • 6 years for life & critical illness cover with reviewable premiums.

Term

Max term

50 years

  • Subject to maximum ages that apply at the time.

Payment limits

Min premium

£5 a month/£50 a year

  • Premiums can be paid monthly or yearly by direct debit. All direct debits must be paid in the currency of the UK and need to come from a bank or building society in the UK, the Channel Islands, the Isle of Man or Gibraltar.

Cover limits

Max cover

No maximum for life cover only.

  • The maximum cover for life and critical illness cover is £3m.
  • The maximum for life and increasing cover is £5m.
  • The maximum for life and critical illness with total permanent disability is £2m.

Options

Criteria

Min/Max

Detail

Notes

Conversion option

Max age at entry: 64

Your client can convert their original policy to a new whole of life policy without any further medical questions being asked. Only available if accepted on our standard terms.

  • Your client can use the conversion option at any time before their policy ends, as long as they haven't made, nor are they eligible to make, a claim for the death benefit, terminal illness benefit or waiver of premium benefit.
  • The new policy must have a cover amount less than, or equal to, the cover amount on the original policy.
  • The policy must end before the life covered's 71st birthday.
  • This option isn't available with life and critical illness cover.

Renewal option

Max age at entry: 64

Your client can renew their cover on the policy end date without any further medical questions being asked. Only available if accepted on our standard terms.

  • Your client can use the renewal option as long as they haven't made, nor are they eligible to make, a claim for the death benefit, terminal illness benefit or critical illness benefit, or are currently making a claim for waiver of premium.
  • The new policy must start immediately after the original policy ends. The cover amount and term of the new policy cannot exceed that of the original policy.
  • The policy must end before the life covered's 71st birthday.

Increasing cover option

Max age at entry: 85

Your client's cover will increase each year, in line with the selected increase option, without the need to answer any medical questions.

  • Available with level cover.
  • Cover increases by 3%, 5% or RPI.
  • Premiums will increase each year by the selected increase option multiplied by 1.5.
  • In other words, a yearly cover increase of 5% will see a 7.5% yearly increase in premiums.
  • If there is no change in RPI or it is negative, your client's cover and premiums will not increase.

Waiver of premium

Max age at entry: 64

We'll pay your client's premiums if the life covered meets our definition of incapacity.
Deferred periods of 1, 3 and 6 months.

  • We'll use the own occupation definition of incapacity unless the life covered stopped performing any occupation more than 12 months before the start of the incapacity.
  • In these circumstances, we'll use the activities of daily working definition.
  • In order for us to carry on paying your client's premiums, we'll need evidence that the incapacity is continuing.
  • The policy must end before the life covered’s 71st birthday.

Total Permanent Disability

Max age at entry: 64

Cover amount paid if life covered meets our definition of total permanent disability.

  • Available with life and critical illness cover only.
  • The policy must end before the life covered’s 71st birthday.

Instalment Option

 

Cover amount paid in equal yearly instalments over 2,3,4 or 5 years

  • The instalment option cannot be removed if taken.
  • Available with level cover only.

Additional critical illness benefit

Our critical illness cover includes additional critical illness benefit as standard.

Medical condition

Benefit

Carcinoma in situ of the breast - requiring surgery to remove the tumour

The lower of £25,000 or 25% of the cover amount.

Low-grade prostate cancer - with specified treatment

The lower of £25,000 or 25% of the cover amount.

Arteriovenous malformation (AVM) of the brain - with specified treatment

The lower of £20,000 or 20% of the cover amount.

Bladder removal

The lower of £20,000 or 20% of the cover amount.

Carcinoma in situ of the cervix- requiring treatment with hysterectomy

The lower of £20,000 or 20% of the cover amount.

Carcinoma in situ of the testicle- requiring surgical removal of one or both testicles

The lower of £20,000 or 20% of the cover amount.

Cerebral aneurysm- with specified treatment

The lower of £20,000 or 20% of the cover amount.

Crohn's disease- treated with intestinal resection

The lower of £20,000 or 20% of the cover amount.

Non-malignant pituitary tumour- with specified treatment

The lower of £20,000 or 20% of the cover amount.

Removal of an eyeball

The lower of £20,000 or 20% of the cover amount.

Ulcerative colitis- treated with total colectomy

The lower of £20,000 or 20% of the cover amount.

After we've paid a claim for additional critical illness, the policy will continue.

Charges

There are no additional charges for your client to pay. All charges for our Business Life Insurance Options policy are included in their premiums.

For more information, please read our Business Life Insurance Options policy summary.



Relevant Life Insurance


Relevant life insurance can be used by your clients to provide life insurance or life insurance with critical illness for their employees. This cover has the potential to have tax benefits.  Historically, relevant life policies have tended to only include a death benefit and terminal illness benefit. Our Relevant Life Insurance also offers the option of including a critical illness benefit. 

You can apply online using the button below.

Quote and apply

Features and benefits

  • Available as life or life and critical illness cover.
  • Clients can choose the cover amount and policy term.
  • Options available: increasing cover and total permanent disability.
  • Specialist team of financial and medical underwriters.
  • Online 'virtual underwriter' gives you an immediate decision.
  • An enhanced Business Protection Promise - we've increased the amount of free life cover we offer through our Protection Promise up to £1 million.
  • A straightforward claims process backed by a dedicated UK-based claims team: your clients can claim online, over the phone or by post.
  • Relevant Life Insurance has no cash in value at any time.

Client suitability

 It’s been designed for clients who:

  • Want to provide a benefit for their employees to protect against the financial consequences of death or life changing illnesses or conditions.
  • Want cover for a specified term.
  • Anticipate IHT liabilities.

It’s unlikely to be suitable for clients who:

  • Want an investment-linked arrangement.
  • Want protection for the whole of their life.
  • Want a cash-in value.

What do your clients need to think about?

  • Level of cover required.
  • Existing levels of cover.
  • Their employee's health.
  • Any financial liabilities that their employee may have.
  • How long their employee may require cover for.

Possible alternatives:

  • Self-insurance for the employee using existing assets.
  • Whole of Life policy for the employee.
  • Group Life Insurance.

Facts and figures

Cover types

Cover types

Detail

Notes

Level cover

The cover amount stays the same throughout the life of the policy

The cover amount is payable as a lump sum.

Limits

Criteria

Minimum/Maximum

Detail

Notes

Life cover

Maximum age at entry is 73

Pays out on death or terminal illness

  • The policy must end before the life covered's 75th birthday
  • Premiums are guaranteed

Life and critical illness cover

Maximum age at entry is 64

Pays out on death, terminal illness or critical illness

  • The policy must end before the life covered's 75th birthday
  • Premiums can be guaranteed or reviewable

Term

Minimum term

1 year

  • 5 years if your client chooses the increasing cover option
  • 6 years for life & critical illness cover with reviewable premiums

Term

Maximum term

50 years

  • Subject to maximum ages that apply at the time

Payment limits

Minimum premium

£5 a month/£50 a year

  • Premiums can be paid monthly or yearly by direct debit
  • All direct debits must be paid in the currency of the UK and need to come from a bank or building society in the UK, the Channel Islands, the Isle of Man or Gibraltar

Cover limits

Maximum cover

No maximum for life cover only

  • The maximum cover for life and critical illness cover is £3m
  • The maximum for life with increasing cover is £5m
  • The maximum for life and critical illness cover with total permanent disability is £2m

Options

Criteria

Minimum/Maximum

Detail

Notes

Increasing cover option

Maximum age at entry is 69

Your client's cover will increase each year, in line with the selected increase option, without the need to answer any medical questions.

  • Available with level cover
  • Cover increases by 3%, 5% or RPI
  • Premiums will increase each year by the selected increase option multiplied by 1.5
    i.e a yearly cover increase of 5% will see a 7.5% yearly increase in premiums
  • If there is no change in RPI or it is negative, your client's cover and premiums will not increase

Total Permanent Disability

Maximum age at entry is 64

Cover amount paid if life covered meets our definition of total permanent disability

  • Available with life and critical illness cover only
  • The policy must end before the life covered’s 71st birthday

Additional critical illness benefit

Our critical illness cover includes additional critical illness benefit as standard.

Medical condition Benefit

Carcinoma in situ of the breast - requiring surgery to remove the tumour

The lower of £25,000 or 25% of the cover amount

Low-grade prostate cancer - with specified treatment

The lower of £25,000 or 25% of the cover amount

Arteriovenous malformation (AVM) of the brain - with specified treatment

The lower of £20,000 or 20% of the cover amount

Bladder removal

The lower of £20,000 or 20% of the cover amount

Carcinoma in situ of the cervix- requiring treatment with hysterectomy

The lower of £20,000 or 20% of the cover amount

Carcinoma in situ of the testicle- requiring surgical removal of one or both testicles

The lower of £20,000 or 20% of the cover amount

Cerebral aneurysm- with specified treatment

The lower of £20,000 or 20% of the cover amount

Crohn's disease- treated with intestinal resection

The lower of £20,000 or 20% of the cover amount

Non-malignant pituitary tumour- with specified treatment

The lower of £20,000 or 20% of the cover amount

Removal of an eyeball

The lower of £20,000 or 20% of the cover amount

Ulcerative colitis- treated with total colectomy

The lower of £20,000 or 20% of the cover amount

After we've paid a claim for additional critical illness, the policy will continue.

Charges

There are no additional charges for your client to pay. All charges for our Relevant Life Insurance policy are included in their premiums.

For more information, please read our Relevant Life Insurance policy summary.

New business support


We're dedicated to making it as easy as possible to submit new business protection cases - from quote to application and beyond. Our business protection products are available on ALPS and - thanks to multi-product applications - you can apply for both of them at the same time.

New business support iconSupport when you need it When you place business with us, each case you submit gets the special service it deserves. You can use our business protection support line to get the answers you need, putting you in touch with pre-sales underwriting support and help with tax and trusts. What's more, we'll be there when it matters. If your client's circumstances change, we'll be on hand to help with any questions you may have. Call our business protection support line on 0800 092 9964.

Find out moreabout our new business support


A full online solution  With ALPS, you get an end to end online journey which is tailored for business protection cases. And because our business tracking is real-time, you can deal with your cases at a time that suits you. Interactive underwriting mode - uses information about your client to generate the right questions, saving you and your clients valuable time. What's more, using interactive underwriting earns you an extra 10% commission.


  • Caters for company policyholders and supports paper trust applications from inception.
  • Increased financial limits - we only require the completion of a full financial questionnaire for cases of more than £2m life cover or £1m critical illness cover. To help make your life even easier, additional supporting financial evidence is only required for cases of more than £4m life cover or £2m critical illness cover.
  • Online business tracking tells you when a trust form is outstanding so you can manage cases accordingly.
  • Choose whether policy packs are posted to the client or the firm, based on your selection in the online journey.

Find out moreabout our online solution


Our High Value team - a bespoke service for your high value clients High value clients, and the cases you submit for them, have very specific needs. This is why our High Value team goes the extra mile for any cases over £1m for life cover and £500,000 for critical illness cover. They provide dedicated, proactive support and what's more, you also get access to a specialist high value medicals provider with access to flexible medicals, including mobile doctors. High value cases will also benefit from our Bespoke Pricing Service. For more information please contact your Account Manager. If you don't know who your account manager is, please email

Find out moreabout our high value service


Second Opinion by Best Doctors® gives the life covered access to Best Doctors network of medical experts who can give them the answers to any questions they have. So when they are faced with a medical problem, they’ll have the information they need to make the right decisions for their treatment and recovery.
Best Doctors will collect the life covered’s medical records and choose the best medical specialist for their condition. The specialist will then review their case, providing their expert medical opinion in a report which includes confirmation of diagnosis and treatment recommendations.

 

Find out moreabout our online solution

Second Opinion by Best Doctors® is a non-contractual benefit which we could remove at any time.Best Doctors®, the star-in-cross logo and Inter Consultation are trademarks of Best Doctors®, Inc., in the United States and in other countries, and are used with permission.

Tax and trusts


The world of tax and trusts can seem daunting, but our specialists are on hand to help with any questions you may have. Not only that, but you can access guides to each of our new products and the relevant forms below - all designed to help make things more straightforward.

 Call our tax and trusts specialists on 0800 092 9964

  A guide to the tax advantages of Business Life Insurance Options


Our short guide will help you to understand the conditions under which a Business Life Insurance Options policy will qualify for tax advantages.

Download a copyof our guide to the tax advantages of Business Life Insurance Options

  Relevant Life Insurance - a guide to the Relevant Life Trust


Our Relevant Life Trust can help ensure the legal requirement that any benefits paid are for the benefit of an individual or charity is met.

Download a copyof our Relevant Life Insurance guide to the Relevant Life Trust

  Aviva Discretionary Trust for Relevant Life Insurance


This trust should be completed by the employer who will automatically be a trustee. Other trustees can be appointed if desired.

Download a copyof our Discretionary Trust for Relevant Life Insurance form

  Double & single cross-option specimen agreement


Where the owners of a business take out life insurance for each other, there are various different ways to protect the interests of all stakeholders, which could include buy and sell agreements, option/cross option agreements, or automatic accrual. Your clients should obtain their own advice, but you can use our specimen option agreement. 

Download a copyor our double and single cross-option specimen agreement

  Aviva partner or director/shareholder trust application


This can be used to ensure that, on the death of the life insured, the benefit is paid to the remaining partners, directors or shareholders to help them buy the deceased's share in the business.

Download a copyof our Aviva partner, director or shareholder trust application

Tools and calculators


We've developed these calculators to help you with the advice process for business protection cases.

Relevant life calculator

Show the difference in the net cost of providing life cover through a relevant life policy compared to a standard life insurance policy.

Find out moreabout our Relevant life calculator

Premium equalisation calculator

This calculator will help you to work out premium equalisation for your clients. 

Find out more about our Premium equalisation calculator

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WA02192 09/2017