Norwich Union offering life insurance choice

Fri, 15 Dec 2006

Norwich Union, the largest insurance company in the UK, will complete the policies of those customers who have chosen life insurance with tax relief and mortgage life insurance with tax relief, in the wake of the government U-turn over this type of policy.

Norwich Union is also offering these customers, whose policies are in the pipeline, to convert to equivalent life insurance policies without tax relief. The government recently U-turned on pension term assurance (PTA) in their pre-Budget report. Tax relief could be withdrawn, affecting consumers with policies in the pipeline.

Norwich Union is pushing for all pipeline PTA cases to have their tax relief recognised, with the option of converting to a standard policy.

The head of protection product marketing at Norwich Union, Louise Colley, said: "Norwich Union is putting its customers at the heart of this issue by starting to accept pipeline PTA cases on the understanding that they will be converted to an equivalent non-tax relief life insurance product, if necessary. We believe that this will be the best solution for the majority of customers. However, by offering a choice, we have given customers and advisers the best of both worlds. There is still uncertainty in the marketplace surrounding the treatment of pipeline PTA customers, but Norwich Union will continue to look for the fairest outcome for all customers."
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