Norwich Union has cut prices on mortgage life insurance policies to help customers struggling to keep up protection repayments as interest rates rise it was announced today.
Norwich Union says that the changes in pricing place 87% of products among the top three low-cost providers, compared with just 20% before. NU is concerned that rising mortgage repayments, caused by recent interest rate hikes, are causing some homeowners to sacrifice protection payments so they can keep up with their mortgage costs. The latest Swiss RE Term and Health watch claims 51% of term policies were mortgage-related in 2006, compared with 58% in 2005, which NU says is a sign that some consumers are under pressure to dump their protection. Darren Dicks, head of protection market...
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