Cheap term life insurance: cost has fallen by 32% in the last ten years
Cheapest ever life insurance
Monday, 23 Jul 2007 16:10
You can now buy the cheapest life insurance that has ever been available.
An analysis of Standard Life's historical database shows the cost of cover has fallen on average by 32 per cent in the last ten years.
This means a man turning 40 on his next birthday will pay as much as £3,207 less in life insurance premiums over the term of a Standard Life policy compared with an equivalent man ten years ago, saving himself 43 per cent.
"Our research shows life insurance has never offered better value, yet half of the UK adult population has insufficient life cover in place," said Andrew Cook, Standard Life protection marketing manager.
"Although increasing commercial pressures and a competitive market has driven prices down on average by over 30 per cent across the market, price on its own is clearly not helping to close the protection gap."
And the price of life insurance has fallen across the board.
Standard Life has calculated while a 40-year-old non-smoker can save 43 per cent on a £100,000 policy, female smokers can save on average 23 per cent while male smokers can save 25 per cent.
"People should be thinking about reviewing their protection needs and ensuring the level of cover they have in place is right for their family and dependents," advised Mr Cook.
"For those who currently have no form of cover in place, now has never been a better time to put in place some financial protection. For many families, this will be more important than thinking about saving or investments."