Life insurance Updated:
The cost of life insurance has fallen for the second year in a row, new research has revealed.
According to Sainsbury's Life, shopping around for the best life insurance cover could potentially save up to £100 per year for a level term policy.
And for policies which also include critical illness cover, the difference between the best premium and the worst could equate to over £200 per year.
The analysis reveals that premiums for all types of customer have fallen over the past 12 months.
At the same time, however, a significant gap in price remains between the most competitive and most expensive policies.
For level term insurance policies, the data showed that on average, an annual saving of £91.54 could be made.
This equates to a 42% price difference between the most competitive and most expensive premium.
For those seeking a policy that includes critical illness cover, consumers could save around £213 on their annual premium, a difference of 31% between the lowest and highest premium.
The survey also confirmed that quitting smoking remains one of the most significant actions consumers can take to reduce the cost of their cover.
The figures revealed that the typical premium for non-smokers now costs 41% less than for smokers.
"The fact that life insurance premiums continue to be competitively priced is great news for consumers," said Helen Williams, Sainsbury's Life Insurance manager.
"But this research clearly shows that in order to get the best level of life insurance cover for your family at a competitive price, it's vital to shop around and compare policies on a like-for-like basis.
"Having critical illness cover can mean the difference between continuing to live the life you've carved out for you and your family, or having to make big sacrifices, for example even forfeiting the family home, should you become ill and be unable to work.
"And with cover becoming more competitive, now is a good time to ensure you've protected your family in the event of illness, or death."
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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