Customers opting for annual premiums as opposed to monthly ones could save up to 18 months' worth of premiums over a typical 25-year term, according to Standard Life.
The insurer has said that if the cost of life assurance starts to rise, the option to pay annually will appeal to more people.
Effectively, this means that a male non-smoker aged 35 next birthday, could end up saving £7.24 per year for £100,000 of life cover for 25 years, if he choose to pay annually.
A non-smoking female of the same age would see savings of up to 20 months' worth of premiums over the same period.
