THE cost of a life insurance policy is nearly ÂŁ100 per year cheaper on average than it was 10 years ago, according to new analysis.
The average monthly cost a decade ago was ÂŁ33.75, adding up to ÂŁ405 per year, website CompareCover.com said.
The average cost now is ÂŁ25.79 per month or ÂŁ309.48 annually – a difference of ÂŁ95.52.
Compare Cover looked at the average level of cover, premium cost and term offered by providers through the website between 2008 and 2018.
It found that the average life policy in 2008 offered ÂŁ158,421 of cover for 21 years, but now ÂŁ171,208 of cover is typically available over a 23-year period.
Mike Preston, business development director at Compare Cover, said: “When taking out life insurance, it’s important that you regularly review your outstanding mortgage, debts and liabilities and what you contribute financially to the household to ensure you are properly and adequately covered should the worst happen.
“It makes financial sense for anyone currently in possession of a life insurance policy to check what cover their existing policy provides, calculate what cover they need now and for how long.”