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NU cutting term cover premiums

Norwich Union is cutting term insurance premiums by up to 5 per cent.

Term insurance without guaranteed critical-illness cover is generally down by 2.6 per cent, while the average decrease for policies with guaranteed CI cover is 4.7 per cent.

Mortgage life insurance without guaranteed CI cover is cheaper by an average of 2.5 per cent, while policies with guaranteed CI cover have been reduced by an average of 5.2 per cent.

Pricing manager, risk products, Neil Pine says: “At the moment, NU is closely monitoring its price position in the market. There has been a lot of pri- cing activity in the first quarter of this year and we are improving our comp- etitive position.

“In the market as a whole, it is not clear whether the downward pressure on rates will continue.”

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