Life insurance costs 'halved over the last decade'

By Marianne Straker, Thu 24 Jul 2008 - Published in Life Insurance

While car insurance and home insurance have continued to rise, life insurance is getting cheaper, according to research from moneyfacts.co.uk.

The website states in some cases average life insurance premiums have halved over the past ten years.

It states since July 1998 the average male non-smoker premium has dropped by 53 per cent, while the average price for their female counterparts has fallen 48 per cent.

This is equivalent to savings of Ł3,018 over 25 years for a male and Ł2,232 for a female, it adds.

However, slight increases in premiums for non-smokers over the past 12 months may suggest the rate may have bottomed out.

Richard Eagling from Moneyfacts said people looking for life insurance should shop around.

He stated: "Some policies are as much as five times more expensive - so why waste money needlessly?"

Meanwhile, research by Tescocompare.com has revealed investing in additional security measures to protect vehicles and property may not bring down costs of car and home insurance.

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