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Life cover 30 per cent cheaper than 10 years ago says Standard Life

Life insurance is on average 30 per cent cheaper than 10 years ago according to Standard Life.

For example, a 40 year old man who does not smoke would have paid £25.11 per month in October 1997 for £100,000 of cover over 25 years with Standard Life. But today he would pay £14.42 per month for the same level of cover over the same period.

This equates to £3,207 less over the term of the contract compared to a decade ago.

Smokers have also benefited from fallng life insurance premiums but only by around £25 per cent.

Standard Life protection marketing manager Andrew Cook says: “Our research shows life insurance has never offered better value, yet half of the UK adult population has insufficient life cover 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.”

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