Norwich Union has announced an increase in its cost of its critical illness health cover in response to rising reinsurance rates.
Norwich Union has announced an increase in its cost of its critical illness (CI) health cover in response to rising reinsurance rates.
Premiums for term assurance with CI are set to increase by 18% while policy premiums for term assurance will rise by an average of 5%.
William Mowatt, director of product development at Norwich Union said: "To enable Norwich Union to continue to offer guaranteed premium critical illness policies we need to adjust the prices.
"We have not increased term assurance premiums for two years and have held these premiums for as long as possible in the current climate."
