mortgage life insurance (MLI) and also term assurance policies. The new pricing has been developed to make the cost of Norwich union life insurance more within the means of the customer, most especially in the light of the economic stability of present, as well as trying to relieve the stress for the average homeowner.
The reductions targeted areas are, supplying affordable cover for sums assured of £175,000 and higher as the average UK house now stands at the price of £183, 959 according to the Nationwide building society. Consumers who also opt to purchase cover alongside critical illness insurance, will also gain as the reduction and level term insurance added with CI cover, has been slashed by an average of 3% and 2% significantly.
The new pricing will also incorporate term assurance and mortgage life insurance cover, with terms that stretch out longer than the conventional 25 year mortgage period. This mirrors variation in market demands, as an increasing level of borrowers request policies that will take care of mortgages from anything between 30 to 40 years.
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