Canada Life has cut its term rates by up to 21 per cent with effect from next March.
The larger rate cuts are focused on the larger terms assured.
A female smoker aged 40 will now pay 17.3 per cent less at £58.50 per month for a term of 25 years.
A non-smoking smoking male aged 45 next birthday will now pay £98 for £500,000 cover over 10 years.
Business development manager protection Diana Harding says: "Protection continues to be one of Canada Life's core areas. We are confident that we will continue to increase our market share of the protection market."