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Life insurance costs halved in 10 years
THE cost of life insurance has halved in the last decade, new research has revealed. According to Moneyfacts, the premiums for the average term assurance policy have fallen following a price war between the major players in the life insurance market in recent years.
Non-smokers have particularly benefited, with the typical premium for a male down 53 per cent since July 1998, while the average female non-smoker premium has plummeted by 48 per cent over the same period.
"Longer life expectancy coupled with increased competition has driven prices down to all-time lows, but for non-smokers there are signs that rates may have bottomed out," said Richard Eagling of Moneyfacts.
"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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Friday 25 May 2012
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