Norwich Union - the UK's largest life insurance company - is cutting rates on new term assurance policies with effect from 20 April. The new rates mean that a 30 year old can have life cover of £100,000 over ten years for about 22p a day - less than the cost of a creme egg.
Norwich Union - the UK's largest life insurance company - is cutting rates on new term assurance policies with effect from 20 April. The new rates mean that a 30 year old can have life cover of Ł100,000 over ten years for about 22p a day - less than the cost of a creme egg.
Norwich Union believes that life cover has never been more affordable and offers you financial peace of mind should the unthinkable happen. Many people ignore the subject of life insurance thinking it will not happen to them - however the need for adequate life cover is getting ever more important.
Having children should be a trigger for couples to seriously review their life cover requirements especially as statistics show that up to 73% of mothers are now working. Should the unthinkable happen and one of the parents die, this leaves the remaining parent with the dilemma of either continuing to work and having to pay for childcare or giving up their job (and the income) to look after the children. Adequate life cover can give the financial reassurance that if they choose to carry on working they can continue to afford childcare, which costs around Ł500 a month for two children.
Commenting on the new rates, director of consumer marketing, Simon Quick, said: "Life cover is a subject which many people tend to avoid thinking about, but Norwich Union's new lower rates mean that consumers can buy financial security and peace of mind for a few pence a day - and probably much less than they think".
Customers can get details about Norwich Union's term assurance products by calling 0500 100 200.
- ends -
Notes to editors
Statistics* show that 73% of mothers are now working either full or part time. The average cost of childcare for two children in the UK is around Ł500 per month - or just under Ł6,000 per year**.
* Social Trends 2001 Labour Market
** information from Daycare Trust website
Norwich Union's new term assurance rates for joint male/female non smoker term 25 years, age 30 at next birthday.
| Term Assurance -life cover | NEW | OLD | % Cut |
| Ł100k | 10.40 | 13.40 | 22% |
| Ł150k | 14.60 | 18.20 | 20% |
| Ł200k | 18.60 | 23.00 | 19% |
| Ł250k | 22.75 | 28.25 | 20% |
- Term assurance is a protection policy which will provide a lump sum on death or on diagnosis of a specified critical illness (if option selected) during the policy term, or on diagnosis of a terminal illness before the last 18 months of the policy term where the death is expected within 12 months. This policy has no cash in value at any time.
- Full details of Norwich Union's term assurance policy is available on request.
- CGU plc and Norwich Union plc merged on 30 May 2000 to create CGNU plc, the UK's largest insurance group and one of the top-five insurers in Europe with substantial positions in other markets around the world, making it the world's sixth largest insurer based on gross worldwide premiums.
- CGNU's principal business activities are long-term savings, fund management and general insurance, with worldwide premium income and retail investment sales from ongoing business of over Ł27 billion and assets under management of more than Ł210 billion.
- From October 2000, the combined life and pensions, general insurance and retail fund management businesses in the UK operate under the Norwich Union brand, while the institutional investment business operates under the Morley Fund Management brand.
| Press Office contacts: | ||
| Out of hours | ||
| James Evans | 08703 66 68 78 | 07790 487105 / 01484 717014 |
| Louise Goffee | 08703 66 68 70 | 07747 764342 / 01759 388996 |