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Standard cuts protection rates

Standard Life has cut premiums on its lifetime protection series for level term insurance and mortgage protection insurance.

It says it has red-uced premiums by an average of 3 per cent but the range of reductions is up to 23 per cent.

Premiums for a 25-year level term insurance policy for a male non-smoker aged 25 for 100,000 of cover fall from 7 a month to 6,14 and for a 35-year-old female non-smoker with a 20-year policy for 100,000 of cover, premiums fall from 7.69 to 7.

Premiums on a mortgage protection plan for a male non-smoker aged 30 on a 25-year term for 100,000 of cover fall from 7.26 to 6.74.

PR manager Peter Timberlake says: “The rate review builds on improvements made on January 24 when the company launched its protection online system for advisers. Standard Life is now the best-priced in several key areas.”

Lifesearch senior technical adviser Kevin Carr says: “Standard has cut rates, some of them quite significantly, but we have one or two providers which are less expensive on the examples so to say these are market-leading rates is inaccurate although this could be where certain distributors are getting special terms.”


ProvMut equity ratio slashed to 10%

Norwich Union is has reduced the equity backing ratio of the Provident Mutual with-profits fund from 24 per cent to 10 per cent, saying the move is needed to meet underlying guarantees. At the same time NU is also offering Provident Mutual mortgage endowment policyholders the opportunity to take advantage of future investment returns from […]


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