Norwich Union improve critical illness, life insurance products

Thu, 15 Feb 2007

Norwich Union has taken steps to change their Critical illness insurance and life with critical illness insurance products.

The Aviva insurance company has extended their term assurance maximum cover period from 25 to 40 years. Furthermore, the Norwich Union Mortgage Life Insurance with reviewable critical illness cover has been extended from 25 to 40 years. Norwich Union apparently made the changes to meet with changing mortgage market dynamics.

The company has also applied the Association of British Insurers Statement of Best Practice to all critical illness policies, cleaning up this industry at last.

Paul Dalgleish, the protection marketing manager at Norwich Union, said: "Inflation in the housing market has meant more and more people are arranging mortgages for periods over 25 years, and in many cases it’s the only way people can get on the property ladder . Extending the terms of our mortgage related reviewable critical illness cover provides customers with more choice and flexibility and a product that’s suited to today’s mortgage market."

Commenting on ABI deadlines, he commented: "We are implementing the ABI’s critical illness definitions ahead of the 30 April deadline. We believe that these will provide clarity and consistency and will benefit customers."
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