UK Money News
20th December 2007
Increased longevity 'pushes life premiums down'
Improvements in medical science and the resultant rise in longevity have resulted in a "dramatic" reduction in the cost of life assurance, one company states.
Libra Financial Planning asserts that as people begin to live longer, insurance providers recognise the falling risk of death for the average consumer and hence premium values decline.
"The impact of medical improvements is quite significant on our population and that's why people are living longer ... And this does have an impact on life assurance," says a spokesperson for the personal finance advice group.
However, he added that the alterations in lifestyle and medical understanding meant that consumers were more likely to have a critical illness such as heart disease or cancer.
In related finance news, figures from the Financial Services Authority indicate that by 2031, more than 30 per cent of the population with be over 60 - compared with 20 per cent at the present time.
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