Life insurance is at its cheapest
by Kay Murchie
According to Standard Life, research shows that life insurance has never been cheaper despite 50% of UK adult’s having insufficient cover in place.
Standard Life commented that people should ensure the cover they have is sufficient for their family. For those who do not have cover, now is the best time to set up some financial protection.
Following research of its historical life insurance rates, Standard Life has established that the cost of cover has dropped by about 32%. A non-smoking male adult aged 40 would have paid around £25 per month in October 1997 for £100,000 of cover over 25 years. Currently, the same person would pay around £15 per month for the same level of cover over the same terms, this is a huge 43% reduction.
Smokers have gained from the decrease in life insurance costs but not as much as non-smokers. Savings for smokers are typically in the region of 24%.
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