Norwich Union is reducing premiums for new level term and convertible term policies for life, serious illness and stand-alone serious illness cover. The special rate applies to all new policies issued until October 31st. The offer includes a 5 per cent reduction in premium for sums insured of £100,000 or more and a 10 per cent reduction in premiums for sums insured of £500,000 or more. This policy only applies to sums underwritten at normal rates.