Aviva has launched a whole of life insurance product aimed at wealth advisers with "high value" clients who have tax planning needs.
The policy is suited to those who want help to cover inheritance tax liability or who want to leave a legacy.
Mark Cracknell, head of protection distribution at Aviva, said it was the latest addition to its integrated product range for the adviser market, following the launch of Aviva’s living costs protection plan in October last year.
He told FTAdviser it had entered whole of life insurance to try and expand this part of the protection market.
"We are pleased to bring a policy to market that offers the complete package; with the product, price and support provided through a strong brand that advisers are familiar with," he added.
"Our focus is to offer comprehensive protection to our customers and to help intermediaries grow their business by protecting more lives, more easily."
Mr Cracknell confirmed Aviva would concentrate on its offering in the business protection market over the next three to four months in an attempt to "do more to support advisers having that conversation."
The policy is underwritten and covers anyone from the age of 18 to 85 and lasts for the entirety of the client's life.
In a statement, Aviva claimed the benefits of the policy included the ability to pre-qualify client applications prior to financial and medical checks, as well as access to trust and taxation technical expertise for clients throughout the application process.
Emma Thomson, life office relationship director at LifeSearch, said: "It’s good news to see Aviva widening it’s protection offering. Many clients require whole of life coverage and this gives advisers another option to consider when making recommendations.
"In addition to the standard cover, policyholders will also benefit from having access to extra support Aviva provides, such as the Bupa Anytime Healthline and the Best Doctors 2nd Medical Opinion Service."
Alan Lakey, director of CIExpert and Highclere Financial Services, called it a welcome addition to "what has been and probably will continue to be a vibrant market".
He explained: "Clients like the guarantee of knowing future premiums and Aviva has pitched its pricing very competitively where they are around, or close to being, the cheapest.
"Added extras, like a choice of fixed increases or indexation, IHT/mortgage increase option and protection while being underwritten, are very welcome. This looks sure to take significant market share and hopefully grow the market as well."
eleanor.duncan@ft.com
