Re-price on Norwich Union life insurance

Wed, 23 May 2007

Norwich Union, the Aviva-owned insurance company who lead the UK industry have revamped the cost of the term assurance and mortgage life insurance policies to keep them competitive. According to the company, the new prices will aid those taking out Mortgage Life Insurance, with a massive 89 per cent of premiums among top three providers.

Norwich Union also offered incentives to those taking out policies longer than 25-year terms. The head of protection marketing at the firm, Darren Dicks, reportedly commented: "The homebuyers’ market is still buoyant with more than 56,000 mortgages taken out in March 2007, an increase on the two previous months. However, rising house prices mean many individuals have had to take out mortgages lasting beyond the traditional 25 years, up to 40 or even 50 years. We have taken these factors into account, to offer competitive premiums for these customers as well as those following a more traditional mortgage path."

The news follows yesterday’s indication that the future of the life insurance industry is centred around competitive pricing. Lincoln Financial Group, who offer life, pensions and investments, said cost would be the most important factor in the future.
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