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Zurich cuts premiums on protection products

Zurich Life has announced it is slashing the rates of its life assurance and critical illness products in an attempt to move to a more competitive position in the IFA market.

The life office is attempting to move away from the specialist market towards the mainstream protection market.

The cuts are as high as 25 per cent in some areas, but will average 8 per cent for term assurance, 13 per cent for mortgage assurance and 10 per cent for critical illness.

The reductions will be accompanied by an advertising campaign to make IFAs aware of the changes. The new rates will take effect as of August 18.

Commission rates for IFAs remain unchanged.

Zurich IFA Group protection marketing director says: "When IFAs think protection, we want them to think Zurich Life. Competitive prices across-the-board will re-establish the brand as a major force."

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