Norwich Union has today announced changes to some of its protection policies.
The changes will see an increase in the maximum period that cover is available on some critical illness policies and also the introduction of the Association of British Insurers' (ABI) best practice definitions for critical illness cover.
The maximum period that cover is available on Norwich Union Term Assurance with reviewable critical illness will be increased from 25 to 50 years and Norwich Union Mortgage Life Insurance with reviewable critical illness will be increased from 25 to 40 years. The move is in response to the changing needs of the mortgage market, with mortgages of longer than 25 years becoming commonplace.
Norwich Union will also introduce 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, providing greater clarity around which conditions are covered and which are not.
Paul Dalgliesh, protection marketing manager at Norwich Union, said: “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 and advisers with more choice and flexibility and a product that's suited to today's mortgage market.”
