UK Money News
24th July 2008
Life insurance costs down 50%
Price wars among life insurance providers have sent the cost of cover plunging over the last decade, new figures have shown.
According to Moneyfacts.co.uk, since July 1998 the cost of term assurance premiums have more than halved.
Among the chief beneficiaries are non-smokers, with premiums for males and females plummeting by 48 per cent and 53 per cent respectively.
Perhaps surprisingly smokers have benefited almost as much with male premiums down by 48 per cent and females paying an average of 45 per cent less.
Richard Eagling, editor of investment Life & Pensions at Moneyfacts, commented: "Longer life expectancy coupled with increased competition in the term assurance market has driven prices down to all time lows, but for non-smokers there are signs that rates may have bottomed out.
"Consumers looking to take advantage of the huge savings on offer should proceed with caution as life insurance companies assess risk differently."
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