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Smokers benefit most as CGU rethinks term cover

CGU Life is slashing term insurance and mortgage protection rates.

The biggest cuts are for smokers. A 25-year-old fem ale smoker can take

out mortgage protection on a £70,000 loan over 25 years for £5.43 a month

which means a 42 per cent cut from £9.35 a month.

A 35-year-old male smoker can take out a term insurance policy with a sum

assured of £115,000 over 25-years for £28.22 a month, which is a 21 per

cent cut on the old rate of £35.80.

A male non-smoker with a £70,000 loan over 15 years will pay £11.24, a 7

per cent drop on the old rate of £12.08.

Commission is 100 per cent of Lautro rates plus uplift.

CGU Life head of IFA business John Enos says: “We are writing record

levels of protection business and are able to spread costs across increased

customer volume, allowing us to bring costs down.”

The company offers some of the lowest rates on the market, according to

data compiled by The Exchange.

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