Life: Value for money not enough to convince UK to warm to the essential cover
By Johanna Gornitzki
The cost of life cover has gone down by a third over the last 10 years, a recent study has revealed.
According to the analysis undertaken by Standard Life, the cost of life insurance from the firm has fallen, on average, by 32% in the last decade - and a similar drop has been experienced throughout the life insurance sector.
For example, a man who will be 40 on his next birthday would now pay up to £3,207 less on life insurance payments over the term of a Standard Life policy compared to 10 years ago.
Smokers have also benefited from the reduction in life insurance costs, with savings of up to 25%, the survey reported.
Commenting on the findings, Andrew Cook, protection marketing manager at Standard Life, said: "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 have driven prices down, on average by over 30% across the market, price on its own is clearly not helping to close the protection gap."
He 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 dependants. 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."
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