Norwich Union has cut its rates for mortgage life insurance and term assurance.
The firm has focused on providing affordable cover for sums assured of £175,000 and above and says the reprice is designed to help those feeling the effects of the credit crunch.
Those buying life cover with a critical illness policy will benefit most as decreasing term insurance with CI has been cut by an average of 3 per cent while level term with CI has seen an average cut of around 2 per cent.
Head of protection marketing Darren Dicks says: “There is still a huge demand for people to get on and move up the housing ladder with around a quarter of a million mortgages taken out in the last quarter alone. The credit crunch has meant that money is tighter for a lot of mortgage holders, so we are delighted if we can help people to save in other areas.”