Norwich Union is repricing its term and mortgage life insurance as of October 4.
Term assurance will on average decrease by 0.45 per cent. Mortgage life assurance – no options – will decrease on average by 1.67 per cent. Mortgage life insurance with guaranteed critical illness option will decrease on average by 3.8 per cent.
For mortgage life insurance, joint, non smoker at thirty next birthday with 25 years insured for £175,000, a customer can expect a 2.6 per cent decrease in rates from £13.79 to £13.43 per month.
A female non smoker, 40 next birthday with 15 years term assured at £100,000 can expect a 3.8 per cent decrease, to pay £10.10 rather than £10.50 per month.
All pipeline business will be honoured by providing full transitional arrangements, including transitionalsl for online business.
Proposals received on or after October 4 with no valid quote dated between September 4 and October 3 will processed on new rates.