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.”