Product category:
Protection
News Release from: Standard Life Bank | Subject: Protection
Edited by the Insidemoneytalk Editorial
Team on 25 July 2007
Life cover has never been cheaper
The cost of life insurance cover from Standard Life has fallen on average by 32% in the last ten years
A man who will be 40 on his next birthday would pay up to £3,207 less on life insurance payments over the term of a Standard Life policy compared to 10 years ago, a saving of 43% Rates have come down even if you're a smoker
This article was originally published on Insidemoneytalk on 23 Feb 2007 at 8.00am (UK)
Related stories
Standard Life announces expansion of trust range
Standard Life has announced the expansion of its trust range with the launch of a Discounted Gift Plan Absolute Trust, giving more choice of trusts for advisers and clients.
Standard Life Income Protection quotes now available through Webline
At the launch of our income protection contract in December, quotes for advisers were only available from the Exchange.
Following analysis of its historical life insurance rates, Standard Life has concluded the cost of cover has fallen on average by 32%.
For example, a man aged 40, who doesn't smoke, would have paid £25.11 per month in October 1997 for ?100,000 of cover over 25 years.
Today, a man aged 40 would pay £14.42 per month for the same level of cover over the same period, a massive 43% reduction.
Over the term of the contract in this particular example the customer would pay £3,207 less than their equivalent a decade ago.
Smokers have also benefited from the reduction in life insurance costs, although not to the same extent as non-smokers.
Savings for smokers are typically in the region of 23% for female smokers and 25% for male smokers.
Andrew Cook, Protection Marketing Manager, Standard Life said: "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% across the market, price on its own is clearly not helping to close the protection gap4." Andrew Cook concluded: "People should be thinking about reviewing their protection needs and ensuring the level of cover they have in place is right for their family and dependents".
"For those who currently have no form of cover in place, now has never been a better time to put in place some financial protection".
"For many families, this will be more important than thinking about saving or investments." Click on the link at the end of this release to see a table detailing Standard Life's price comparisons, between 1997 and today.
• Standard Life Bank: contact details and other news
• Email this article to a colleague
• Insidemoneytalk Home Page
