Premiums will decrease on average by 3 per cent. Existing policies and applications in the pipeline are not affected by the re-pricing.
Old rates will be available with a valid quote until February 9th.
A female non-smoker aged 25 at next birthday on a 25 year term, sum assured 100,000 can expect to pay 6.30 per month, 20p less than previously.
Joint life smokers, aged 40 next birthday on a 20 year term, 100,000 sum assured can expect to pay 42.20 per month, 1.30 less than previosuly.
NU protection and mortgage development manager Neil Pine says: “During 2004 we were able to maintain competitive prices in the protection market and we are starting the new year with a rate reduction, to ensure that we continue to provide market competitive rates in 2005.”