n the UK we’re largely underprepared for the worst-case scenario. If the worst were to happen to you, without suitable protection, it could leave your family under a lot of financial pressure and despite life cover being the most popular type of protection the majority ofus still aren’t covered!
According to Legal and General only 15 million adults have a life insurance policy which is just under a quarter of the UK population. This figure is quite scary, especially considering the price of life insurance in Britain is the cheapest in the world according to CIExpert.
Reducing Premiums
Surprisingly, premiums have actually reduced over time and it maybe cheaper to cover yourself now than 10, and even 18 years ago.
For a £123,000 decreasing term plan on a 32-year-old non-smoking male and a 28-year-old smoking female in 2001the cheapest premium available was £42.47 per month with Norwich Union, who are now Aviva. Today the standard Aviva plan would cost you £41.81. The reduction for a standard Zurich plan is far wider too -£58.21 per month down substantially to £39.93.
A November 2012 plan reflects a similartr end. A £92,000 decreasing term plan for a 24-year-old female non-smoker cost £26.67 pm with Zurich, which today would want £25.24 pm. L&G, which charged £34.58 pm, has reduced to £26.17 pm. But the price is always dependant on your individual circumstances.
Whether this downward trend is set to continue or not, now seems like the perfect time to protect you and your loved ones in case the worst were to happen.
If you would like to discuss your protection needs, or just explore your options, contact your adviser today.