Life insurance premiums fall for second consecutive year
The monthly market average life insurance premium has fallen for the second consecutive year, according to research by Sainsbury's Life Insurance.
The analysis shows that premiums for all customer profiles have fallen, and there is a significant gap in price between the most competitive and most expensive policies.
For level term insurance policies, the analysis revealed that on average, an annual saving of £91.54 could be made, which translates 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 which is 31% of a difference between the lowest and highest premium.
In addition, quitting smoking remains one of the most significant actions consumers can take to reduce the cost of their cover, with the typical premium for non-smokers costing 41% less than for smokers.
Helen Williams, Sainsbury's Life Insurance Manager, said: "The fact that life insurance premiums continue to be competitively priced is great news for consumers. 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."
She added: "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."
New Sainsbury's Life Insurance customers could receive a £40 gift card as well as double Nectar points for two years on all Sainsbury's shopping and fuel. When using their Nectar card at the point of purchase, customers could benefit from the equivalent of up to 2% off their Sainsbury's purchases.