Norwich Union has re-priced a number of its protection products across its Mortgage Life Insurance (MLI) and Term Assurance ranges.
It says the move could help those feeling the effects of the credit crunch and ease the financial burden for the average house buyer. It says the reprice has focused particularly on providing affordable cover for sums assured of £175,000 and above, pointing out the average house price now stands at £183,959. Norwich Union says those purchasing policies with critical illness (CI) cover will benefit in particular. Decreasing term insurance with CI cover has been cut by an average of 3%, while level term with CI cover has seen an average cut in rates of around 2%. In addition, the repr...
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