Life insurance packages 33% cheaper than 1997

Life insurance policies could be set to become increasingly popular among Britons as premiums decrease in price.

Figures from insurer Standard Life show that an average life insurance package has decreased by almost one third over the last decade.

The group indicates that a 40-year-old non-smoking man would pay £3,207 less over a ten-year-period for £100,000 worth of cover over 25 years compared to 1997.

Standard Life also says that rates have come down even for those people who are smokers.

According to Andrew Cook, protection manager at Standard Life, although life insurance packages are cheaper than ever, less than half the adult population of Britain has such a policy in place.

"Although increasing commercial pressures and a competitive market has driven prices down on average by over 30 per cent across the market, price on its own is clearly not helping to close the protection gap," he added.

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