Norwich Union – the UK’s largest insurance provider – has cut critical illness rates, reducing premiums by up to 30% in some cases.
Norwich Union - the UK's largest insurance provider - has cut critical illness rates, reducing premiums by up to 30% in some cases.
Traditionally it has been men who have taken out critical illness policies, but women need to consider taking out cover too. Research undertaken by Norwich Union revealed that 44% of working women said that losing their health was the thing that worried them most in life while 35% said it was money. However in stark contrast to this only 28% had taken out a critical illness policy.*
Statistics show that you are four times more likely to suffer a critical illness than die before the age of 65.**
Willie Mowatt, head of protection at Norwich Union commented, "The importance of critical illness cover should not be underestimated. If you are unfortunate to suffer a critical illness, the last thing you'll want to worry about is money. Having critical illness cover will ensure that should the worst happen, you and your family will receive the support they need."
| Examples Female non-smoker. Ł50,000 cover | ||||
| Age 25 | Term 25 | Old rate Ł11.80 | New rate Ł8.25 | Percentage change 30% |
| Female non-smoker. Ł75,000 cover | ||||
| Age 30 | Term 15 | Old rate Ł17.63 | New rate Ł12.28 | Percentage change 30% |
| Female non-smoker. Ł100,000 cover | ||||
| Age 35 | Term 20 | Old rate Ł32.70 | New rate Ł23.90 | Percentage change 27% |
-Ends-
Notes to editors
- 1 in 4 males and 1 in 6 females aged 30 will suffer a critical illness such as cancer, heart attack or stroke before the age of 65**
- 1 in 10 males and 1 in 33 females aged 30 will suffer a heart attack before they are 65**
- 1 in 10 males and 1 in 8 females aged 30 will contract cancer before they are 65**
- 1 in 21 males and 1 in 32 females aged 30 will have a stroke before they are 65**
- Despite all this it is estimated that less than 12% of the UK working population held critical illness policies during 2000**
* Fieldwork for research undertaken by Norwich Union took place during July 2001
** April 2000. Swiss Re and Health<</p>
- The cost of cover will depend on the level and period of cover, in addition to the client's personal circumstances.
- CGU plc and Norwich Union plc merged on 30 May 2000 to create CGNU plc, the UK's largest insurance group and one of the top-five insurers in Europe with substantial positions in other markets around the world, making it the world's sixth largest insurer based on gross worldwide premiums.
- CGNU's principal business activities are long-term savings, fund management and general insurance, with worldwide premium income and retail investment sales from ongoing business of over Ł27 billion and assets under management of more than Ł200 billion as 30 June 2001.
From October 2000, the combined life and pensions, general insurance and retail fund management businesses in the UK operate under the Norwich Union brand, while the institutional investment business operates under the Morley Fund Management brand. - Norwich Union's news releases are available on the website.
- A selection of images are available from the CGNU Newscast site at www.newscast.co.uk
- An ISDN facility is available for studio quality interviews. Call the press office on 08703 666873
For all life & pensions media enquiries 08703 66 68 73
For all other media enquiries 08703 66 68 68
| Press office contacts: | ||
| Out of hours | ||
| James Evans | 08703 66 68 78 | 07790 487105 |
| Louise Goffee | 08703 66 68 70 | 07810 05736 |