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Norwich Union lowers term cover rates by 3%

Norwich Union has cut premiums on stand-alone term insurance by an average of 3 per cent.

A female non-smoker, aged 25 next birthday with a sum assured of 100,000, would pay 6.30 a month.

A joint-life policy for smokers aged 40 next birthday with a 20-year term and a sum assured at 100,000 can expect to pay 42.20 per month, a drop of 1.30.

Pipeline business applications received between January 10 and February 9 and dated between December 10, 2004 and January 9, 2005 will be processed at old rates.

Protection and mortgage development manager Neil Pine says: “During 2004, we were able to maintain competitive prices in the protection market and we are starting the New Year with a rate reduction to ensure that we continue to provide market competitive rates.”

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