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Norwich Union in dual pension term push

Norwich Union is lining up a twin-pronged assault on the pension term assurance market with the launch of life insurance with tax relief and mortgage life insurance with tax relief plans.

The policies will follow the same product designs as its level and decreasing term products while offering tax relief at the client’s taxable rate.

The plans will be offered only on a single-life basis with no options but guaranteed rep-lacement benefit cover option is available for those becoming ineligible due to exceeding the annual contribution limit. Terminal-illness benefit is included as standard and clients will be automatically become members of NU’s multi-manager pension plan.

Head of protection Louise Colley says: “The introduction of tax relief will make these products more affordable and help more people get adequate insurance cover in place.

“The new PTA products should benefit many people. However, as these products may have implications for an individual’s annual pension contribution and lifetime limit, we believe that people should take advice before making any decisions.”

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