Half of the UK adult population has insufficient life cover, despite Standard Life's assertion insurance has never been cheaper.
The life cover giant says the average insurance cost has fallen by 32% in the last 10 years.
It says a 40-year-old non-smoker would have paid £25.11 per month in October 1997 for £100,000 of cover over 25 years.
The same cover costs £14.42 today, a 43% reduction, or £3,207 less over the contract term.
Smokers too have benefited, Standard Life says savings are in the region of 25% for males and 23% for females.
Standard Life protection marketing manager Andrew Cook says a competitive market has driven costs down, but price on its own is not closing the protection gap.
“Our research shows life insurance has never offered better value, yet half of the UK adult population has insufficient life cover in place,” he says.
“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.”
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