Royal & Sun Alliance is slashing rates on its level term insurance product Lifewise by up to 70 per cent.
The premium cuts are part of the life office's bid to strengthen its position in the individual and corporate protection market through IFAs.
R&SA is hoping the redu ced rates will win it a market leading position. It believes the business protection market has strong growth potential for IFAs.
It says UK firms are continuing to take risks by not adequately covering key employees.
Under the new rates, on a family protection plan for a non-smoking 45-year-old male with a £250,000 sum assured over 15 years, monthly premiums fell by 37 per cent to £67.86 from £107.50.
Under keyperson cover, based on a £500,000 sum ass ured over five years, monthly premiums for a non-smoking 35-year-old male will be slashed by 70 per cent to £68.66 from £20.81.
IFA personal market lea der Mark Edwards says: “The cost of cover is continuing to fall. This is good news for consumers and puts affordable life cover within easier reach of people looking to protect the financial future of their family and their business.”