Hibernian Life & Pensions will reduce its rates for standalone and accelerated serious illness cover. The company has also cut pension rates, in line with those offered for life assurance products.

The new rates have been backed by a price pledge. Hibernian guarantees to match the price of any of its competitors for sums assured up to and including £500,000 on single and joint life cases.

In addition, a cover pledge has been introduced on serious illness policies. Customers will automatically be covered for any serious illness condition added to the company's standard list of serious illnesses at any stage in the future.