Norwich Union term assurance products made cheaper

Norwich Union term assurance products have been made cheaper with the news the company is to reduce their premium rates as of July 4th.

Norwich Union term assurance without guaranteed critical illness premiums have been reduced by an average of 3.2 per cent, while term assurances with the premiums have been reduced by an average of 1.9 per cent.

Meanwhile premiums on Norwich Union mortgage life insurance without guaranteed critical illness premiums have been reduced by an average of 2.5 per cent, compared with mortgage life insurance with the premiums, at an average reduction of 0.1 per cent.

Thus, for example, a mortgage life insurance for a 35-year old for a 25-year term is reduced from the current monthly premium of £11.24 to the new monthly premium of £10.85.

Norwich Union offers two different types of life insurance: level term life insurance and decreasing term life insurance.

Overall, the Norwich Union premium charged depends on the age, sex, policy term, sum assured and other relevant underwriting criteria.