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Norwich Union increases maximum sum assured on term business to GBP50 million

Norwich Union, part of the Aviva group, has increased the maximum sum assured for term business to GBP50 million from GBP20 million.

The company has announced that its large case team provides a bespoke service for business with a sum assured over GBP1.5 million including contact within two working days of the application being received, a named point of contact for updates, at a frequency and method agreed with the adviser, and a price and commission matching service.

Trevor Bailey, director of protection at Norwich Union, said: The protection gap stands at a staggering GBP2.3 trillion, and Norwich Union continues to look for ways to help people get both the personal and business cover they need. This move provides more flexibility on a wider range of policies and is in response to demand from advisers for greater capacity for those clients at the high net worth end of the market.