Bupa has made significant rate cuts to its critical illness (CI) cover and income protection (IP) co...
Bupa has made significant rate cuts to its critical illness (CI) cover and income protection (IP) cover, with effect from last month.
The insurer announced that it has reduced the monthly cost of providing CI by 4% on its accelerated CI products.
For example, the premium for a male non-smoker, who will be 25 years old on his next birthday, on a 10-year term, will be £38.56 a month - reduced from £40.03. IP was also cut at the same time by a total of 7%.
Similarly, the IP cuts mean a class one 49-year-old smoker, with a deferred period of 52 weeks and retirement age of 60 would have a premium reduction from £32.08 to £26.09.
Steve Casey, product manager at Bupa Individual Protection, said it was the result of "ongoing discussions with our reinsurer".
He added that Bupa hoped these cuts would help bridge the protection gap.
The changes came into effect on 15 January and coincided with the further enhancements made to Bupa's extranet.
Legal & General has also made CI rate cuts, but was unable to confirm any further details.
