Scottish Provident has repriced its life and critical illness cover with the majority of rates being reduced.
Some life cover rates have been been cut up to 5.3 per cent, while rates for CI cover have been reduced by up to 3.4 per cent.
As part of the repricing some rates will stay the same or increase.
The provider says under the repricing structure a female non-smoker on a 20-year CI policy with a decreasing £100,000 lump sum will see her monthly premium go from £30.14 to £29.11.
Scottish Provident head of marketing Susan Barclay says: “It is more essential than ever for people to have a financial safety net in place that they can rely on should the worst happen.
“With the backdrop of millions of Britons without adequate provision, today’s repricing emphasises Scottish Provident’s continued commitment to offering comprehensive yet cost effective life and CI cover.”
All quotes issued on or after October 25 will be based on the new rates.
Where quotes have been issued before today and applications have been submitted on or after today the lower rate will be used until November 21, when only the new rates will apply.
Quotes and applications that have been submitted before or on October 24 will be processed using the old rates.