Norwich Union – the UK’s largest life insurance company – is cutting premium rates on new term assurance and term assurance with critical illness policies with effect from 20 April.
Norwich Union - the UK's largest life insurance company - is cutting premium rates on new term assurance and term assurance with critical illness policies with effect from 20 April.
Responding to the market place, the rate changes have an effect upon a wide range of terms, ages and sums assured. For example, a 35 year old female smoker taking out 20 years of life cover worth Ł250,000 with critical illness will save almost Ł60 a month - they will now pay Ł101.50 compared to Ł159.50 previously.
The new rates ensure Norwich Union remains at the forefront of the market for term assurance and critical illness protection for IFAs.
In addition to new lower rates, Norwich Union's protection products are available on the Norwich Union IFA Extranet (www.norwich-union.co.uk/ifa), the Exchange and Assureweb. Norwich Union's e-commerce facilities enable IFAs to get quotes, apply online and process and track applications from their PC. In addition to online applications the Extranet features:
- A trust writing service
- Underwriting guide
- Critical illness guide
- Product brochures / proposal forms
Commenting on the new term and critical illness rates, Norwich Union's director of propositions and e-commerce Brian Bussell, said: "These new term rates will enable IFAs to give their clients even better value protection products from the UK's largest life insurance company. In addition the e-commerce facilities enable IFAs to quote, apply and track applications for their clients simply by using their PC.
The useful interactive guides on the site will help give IFAs further information on underwriting, a critical illness guide and also a trust writing service."
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Notes to editors
- Term assurance is a protection policy which will provide a lump sum on death or on diagnosis of a specified critical illness (if option selected) during the policy term, or on diagnosis of a terminal illness before the last 18 months of the policy term where the death is expected within 12 months. This policy has no cash in value at any time.
- Full details of Norwich Union's term assurance policies are available on request.
- 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 Ł210 billion.
- 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.
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