Norwich Union cuts Critical Illness Insurance prices

Wed, 06 Sep 2006

Critical Illness Policies have been under scrutiny of late, due to various concerns over sales processes. Norwich Union have slashed their prices for many of their combined Life and Critical Illness products. The revised policies could save consumers looking for life insurance and critical illness cover time and money .

Norwich Union, an Aviva company and one of the largest insurers in the country, will reduce premiums for both life and critical illness cover as follows:

Premiums on a guaranteed basis, there is an average decrease of 0.3%, with 88% of prices cut. Premiums on a reviewable basis, there is an average decrease of 4.1%, with 98% of prices cut.

Furthermore, for mortgage, life and critical illness cover, Norwich Union will reduce premiums as follows: Premiums on a guaranteed basis, there is an average decrease of 0.5%, with 70% of prices cut. Premiums on a reviewable basis, there is an average decrease of 4.4%, with 97% of prices cut. The reductions in premium prices could make significant differences to the overall cost of life and critical illness cover. The move by Norwich Union comes at a time of decreasing life insurance sales.
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