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Life Insurance News
Life insurance 'more important than savings and investments' - 23/07/2007
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People without life insurance should consider investing in a policy, Standard Life has claimed.
The insurer has stated that the cost of its life insurance has fallen by 32 per cent in the last decade, meaning that a 39-year-old man would pay up to £3,207 less on payments over the policy term compared to ten years ago.
"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," said protection marketing manager Andrew Cook.
Mr Cook cites data from the Swiss Re Term and Healthwatch report suggesting that half of the UK's adult population has insufficient life insurance in place, suggesting that this is despite an increasingly competitive market that has driven prices down by more than 30 per cent.
"Price on its own is clearly not helping to close the protection gap," said Mr Cook.
The life insurance provider also pointed out that the cost of cover has fallen for smokers as well as non-smokers, with savings for people who smoke typically about 23 per cent for women and 25 per cent for men.
A recent study from price comparison website moneysupermarket.com suggested that smokers who give up the habit could save between £2,00 and £3,000 on their life insurance premiums.
Meanwhile, financial services provider First Direct recently stated that text message banking can help people with money management.
© Adfero
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