Life cover cost down 32% since 1997 - Standard Life

clock

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Protection

Life insurance: Complexity vs cost and the confidence gap

Life insurance: Complexity vs cost and the confidence gap

Complexity and uncertainty create frustration for consumers and operational drag for advisers

Kevin Carr
clock 30 April 2026 • 4 min read
Holloway Friendly and Wiltshire Friendly to merge

Holloway Friendly and Wiltshire Friendly to merge

No job losses anticipated

Jaskeet Briah
clock 20 April 2026 • 2 min read
Protection advisers under 30 report worries about AI use in claims

Protection advisers under 30 report worries about AI use in claims

More concerned about AI used in claims than underwriting

Jaskeet Briah
clock 30 March 2026 • 2 min read