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Standard Life cuts term cover premiums

Standard Life has cut term insurance premiums for single-life and joint-life products.

The life office says the new rates, available from March 29 are part of its build-up in this sector.

A male non-smoker, age 30 on a 25-year term for level term with a sum assured of 100,000, will make a saving of 7 per cent from 7.78 a month to 7.26. A female customer on the same terms will make a 5 per cent saving from 6.83 to 6.48.

On joint life, non-smokers, aged 30 on a 25-year term for 100,000 level term insurance the price is reduced by 6 per cent from 11.82 to 11.08.

Marketing manager, protection Mick James says: “We are watching the market actively to ensure that we remain competitive in our chosen target sectors. Our protection online system is proving hugely popular with advisers. This change seeks to build on our success at maintaining service standards through the first quarter .”

Eden Financial Planning IFA Jane Smith says: “We have seen quite a bit of competition for market share on term insurance and have witnessed several rate cuts.”

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