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NU launches term product

Norwich Union is launching a new term insurance product which combines life, critical illness and terminal illness cover.

NU says its Assured Life plan is one-stop product offering range of options.

The plan, which can be single life or joint life first death, includes critical illness cover on a guaranteed premium basis and accident, sickness and unemployment options. The ASU policy must be taken out with a separate contract.

There is also a mortgage interest option which allows policyholders to increase the cover if they are extending their property, moving house or extending the term of the plan.

There is a waiver of premium available on both the single and joint policies.

The minimum age of eligibility is 19 years-old and the maximum age for the life insured is 70 years-old on joint policies, with no maximum age for the policyholder.

The minimum payment is £10 a month or £100 a year and the minimum term for the policy is 10 years.

Commission is available at 35 per cent initial plus enhancement for the initial period plus 2.5 per cent renewal. All commission can be rebated.


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