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Article: NU to put up critical illness premiums by up to 60 per cent
- Article from:
- The Sunday Telegraph London
- Article date:
- December 8, 2002
- Author:
CopyrightCopyright 2002 The Sunday Telegraph London. Provided by ProQuest LLC. (Hide copyright information)
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NORWICH Union will tomorrow announce that it is increasing
premiums on its critical illness policies by up to 60 per cent.
The UK's largest insurer blamed "uncertainty surrounding future
claims costs".
Advances in medical science mean that many of the conditions
covered by CI policies are now being detected much earlier, leading
to a significant rise in claims costs.
Keith Simm, protection and mortgage marketing manager, said the
average price rise would be 40 per cent, but older customers and
those with higher-value policies would see much bigger increases.
Critical illness insurance pays a lump sum to policyholders who
have developed a serious condition, such as a heart attack, cancer or ...