Life cover has never been cheaper, according to Standard Life, whose research shows that the average policy has fallen in price by 32% in the last ten years.
According to analysis of its historical life insurance rates, the cost of cover provided by Standard Life has fallen dramatically compared to the rates from over a decade ago. So a man turning 40 on his next birthday will pay £3,207 less on life insurance payments over the term of a Standard Life policy compared to 10 years ago, which is a saving of 43%.
Andrew Cook, Protection Marketing Manager, Standard Life commented on the findings: “Our research shows life insurance has never offered better value, yet half of the UK adult population has insufficient life cover in place. Although increasing commercial pressures and a competitive market has driven prices down on average by over 30% across the market, price on its own is clearly not helping to close the protection gap.”
Even smokers are benefiting from the reduction in life insurance costs, although not to the same extent as non-smokers. Savings for smokers are typically in the region of 23% for female smokers and 25% for male smokers.
Cook added: “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. 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.”
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