Norwich Union is repricing its term and mortgage life insurance rates from next week.
Stand-alone term with no options will rise by an average 0.3 per cent and mortgage life insurance with no options drops by an average of 0.7 per cent.
Premiums will rise by 4.5 per cent for a non-smoking 35-year-old male on a 25-year £100,000 mortgage life insurance plan while premiums for a 45-year-old male with a 15-year £175,000 policy fall by 3.3 per cent.
There is no change for a 30-year-old non-smoking male with a 25-year term policy with a sum assured of £100,000 on the current premium of £9 a month.
Pipeline business with a valid process date before May 23 will be processed at the old rates, as will new business proposals with a valid quote date between April 24 and May 23.
Head of protection development Lawrence Jackson says: “This is a minor price adjustment and we hope to continue to maintain our competitive position in the protection market.”