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12 Jul 2020

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Life insurance premiums now cheaper after recent falls

The last few years have seen life insurance premiums become more affordable, according to an industry expert, who has recommended buying the right amount of cover when settling for protection.

While £100,000 may sound like a lot of money today, the case may not be the same ten years down the line, hence consumers need to take this into consideration, said protection vendor LifeSearch.

Single life policies are now better than joint ones, the company stated, because double cover can be obtained with two single policies, meaning a surviving partner will not be at risk of being without insurance later.

According to LifeSearch senior policy adviser Matt Morris, nearly every person requires some form of protection, especially if they owe any money or have dependants.

"State benefits are a very basic safety net and only really cover people for the bare minimum," he said.

"It is crucial to ensure you look into protecting the family finances as soon as possible and life insurance is one of the most basic areas to consider, especially as premiums have fallen dramatically in the past six years."

Consumers need to take a broader and long-term view when buying life insurance, Aviva's chief underwriter Michael Whyte also recently recommended.

If you would like to compare cheap life insurance and protection policies Go Direct have a new insurance comparison system. Our new comparison system lets you compare the leading insurance companies polices quickly and easily.

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Life insurance premiums now cheaper after recent falls