Life cover cost down 32% since 1997 - Standard Life

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 show...