Norwich Union cuts mortgage payment protection prices

Norwich Union has announced a series of price cuts across its mortgage life insurance and term assurance product ranges.

The firm highlighted the impact of the credit crunch on homeowners, indicating that its price reductions would be aimed at providing affordable cover for sums assured above £175,000.

Particular emphasis has been placed on those purchase mortgage payment protection with critical illness (CI) cover, with decreasing term insurance with the cover cut by an average of three per cent, and level term cut by an average of two per cent.

Commenting on the price changes, Darren Dicks, head of protection marketing for the company, said: "We constantly review all of our protection products to make them as competitive as we can to the widest possible audience."

"This latest re-price brings welcome news to the UK’s 12 million mortgage holders, at a time when many people are feeling the pinch."

The new deals also affect policies forlonger than the traditional 25-year lending term.

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