Life Insurance Search

A study by Moneyfacts has revealed that the cost of life insurance has nearly halved over the past decade.

Surprisingly, falls in the cost of both decreasing term and level term life insurance over this period have come even though there have been rises in the costs of other types of insurance, such as home and car cover policies.

The fall in the price of life cover can be attributed to a number of market factors, not least the increased competitiveness of the sector, with a number of new players, such as supermarkets, entering the life sector.

Richard Eagling, editor of investment, life and pensions with 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.

“Some policies are as much as five times more expensive, so why waste money needlessly?”