Article date: 18 April 2001
Norwich Union - the UK's largest life insurancecompany - is cutting rates on new term assurance policies witheffect from 20 April. The new rates mean that a 30 year old canhave life cover of £100,000 over ten years for about 22p a day -less than the cost of a creme egg.
Norwich Union believes that life cover has neverbeen more affordable and offers you financial peace of mind shouldthe unthinkable happen. Many people ignore the subject of lifeinsurance thinking it will not happen to them - however the needfor adequate life cover is getting ever more important.
Having children should be a trigger for couples toseriously review their life cover requirements especially asstatistics show that up to 73% of mothers are now working. Shouldthe unthinkable happen and one of the parents die, this leaves theremaining parent with the dilemma of either continuing to work andhaving to pay for childcare or giving up their job (and the income)to look after the children. Adequate life cover can give thefinancial reassurance that if they choose to carry on working theycan continue to afford childcare, which costs around £500 a monthfor two children.
Commenting on the new rates, director of consumermarketing, Simon Quick, said: "Life cover is a subject which manypeople tend to avoid thinking about, but Norwich Union's new lowerrates mean that consumers can buy financial security and peace ofmind for a few pence a day - and probably much less than theythink".
Customers can get details about Norwich Union'sterm assurance products by calling 0500 100 200 or visiting thewebsite on www.norwich-union.co.uk where they can applyon-line.
- ends -
Notes to editors
Statistics* show that 73% of mothers are now working either fullor part time. The average cost of childcare for two children in theUK is around £500 per month - or just under £6,000 peryear**.
* Social Trends 2001 Labour Market
** information from Daycare Trust website
Norwich Union's new term assurance rates for joint male/femalenon smoker term 25 years, age 30 at next birthday.
|Term Assurance -life cover||NEW||OLD||% Cut|
- Term assurance is a protection policy which will provide alump sum on death or on diagnosis of a specified critical illness(if option selected) during the policy term, or on diagnosis of aterminal illness before the last 18 months of the policy termwhere the death is expected within 12 months. This policy has nocash in value at any time.
- Full details of Norwich Union's term assurance policy isavailable on request.
- CGU plc and Norwich Union plc merged on 30 May 2000 to createCGNU plc, the UK's largest insurance group and one of the top-fiveinsurers in Europe with substantial positions in other marketsaround the world, making it the world's sixth largest insurerbased on gross worldwide premiums.
- CGNU's principal business activities are long-term savings,fund management and general insurance, with worldwide premiumincome and retail investment sales from ongoing business of over£27 billion and assets under management of more than £210billion.
- From October 2000, the combined life and pensions, generalinsurance and retail fund management businesses in the UK operateunder the Norwich Union brand, while the institutional investmentbusiness operates under the Morley Fund Management brand.
|Press Office contacts:|
|Out of hours|
|James Evans||08703 66 68 78||07790 487105 /|
|Louise Goffee||08703 66 68 70||07747 764342 /|