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Norwich Union critical illness products improved

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Norwich Union has changed its Critical Illness and Life with Critical Illness products.
 
The maximum period that cover is available on Norwich Union Term Assurance with reviewable critical illness is increased from 25 to 50 years.
 
The maximum period that cover is available on Norwich Union Mortgage Life Insurance with reviewable critical illness is increased from 25 to 40 years.
 
The increase in the maximum period of cover for these products meets the needs of a changing mortgage market, with mortgages of longer than 25 years becoming commonplace.
 
Paul Dalgliesh, protection marketing manager at Norwich Union, says: “Inflation in the housing market has meant more and more people are arranging mortgages for periods over 25 years, and in many cases it’s the only way people can get on the property ladder. Extending the terms of our mortgage related reviewable critical illness cover provides customers with more choice and flexibility and a product that’s suited to today’s mortgage market.”
 
Norwich Union is also introducing the ABI’s Statement of Best Practice definitions for critical illness policies. These include the use of more descriptive standard information about critical illnesses in marketing material, and providing greater clarity around which conditions are covered and which are not
 
Paul Dalgliesh adds: “We are implementing the ABI’s critical illness definitions ahead of the 30 April deadline. We believe that these will provide clarity and consistency and will benefit customers.”
 
Norwich Union Term Assurance, which provides a level benefit payable on death within the term of the contract, is also available with critical illness cover. Where critical illness cover is chosen, the premiums for this cover may be guaranteed or reviewable. Term Assurance with reviewable critical illness cover premiums can now be purchased with a term up to 50 years (previously 25 years). Term Assurance with guaranteed critical illness premiums can be purchased with a term up to 25 years (as previously).
 
Norwich Union Mortgage Life Insurance, which provides a decreasing benefit payable on death within the term of the contract, is also available with critical cover. Where critical illness cover is chosen, the premiums for this cover may be guaranteed or reviewable. Mortgage Life Insurance with reviewable critical illness cover premiums can now be purchased with a term up to 40 years (previously 25 years). Mortgage Life Insurance with guaranteed critical illness premiums can be purchased with a term up to 25 years (as previously).
 
Critical illness insurance : News update: February 2007
 
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