Article date: 23 April 2001
Norwich Union - the UK's largest life insurance company - iscutting premium rates on new term assurance and term assurance withcritical illness policies with effect from 20 April.
Responding to the market place, the rate changes have an effectupon a wide range of terms, ages and sums assured. For example, a35 year old female smoker taking out 20 years of life cover worth£250,000 with critical illness will save almost £60 a month - theywill now pay £101.50 compared to £159.50 previously.
The new rates ensure Norwich Union remains at the forefront ofthe market for term assurance and critical illness protection forIFAs.
In addition to new lower rates, Norwich Union's protectionproducts are available on the Norwich Union IFA Extranet (www.norwich-union.co.uk/ifa), the Exchange andAssureweb. Norwich Union's e-commerce facilities enable IFAs to getquotes, apply online and process and track applications from theirPC. 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, NorwichUnion's director of propositions and e-commerce Brian Bussell,said: "These new term rates will enable IFAs to give their clientseven better value protection products from the UK's largest lifeinsurance company. In addition the e-commerce facilities enableIFAs to quote, apply and track applications for their clientssimply by using their PC.
The useful interactive guides on the site will help give IFAsfurther information on underwriting, a critical illness guide andalso a trust writing service."
Notes to editors
- 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 policies areavailable 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.
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