However despite life cover being the most popular type of protection, in the UK we are largely underprepared for the worst-case scenario. 

According to Legal and General only 15 million adults have a life insurance policy, which is just under a quarter of the entire UK population. This figure is quite scary, especially when you consider the price of life insurance in Britain, according to CIExpert, is the cheapest in the world. 

Reducing Premiums 
Surprisingly, premiums have actually reduced over time and it may be cheaper to cover yourself now than 10, and potentially even 18 years ago. 
For a £123,000 decreasing term plan on a 32-year-old non-smoking male and a 28-year-old smoking female in 2001, the cheapest premium available was £42.47 per month with Norwich Union (now known as Aviva). Today, the standard Aviva plan would cost you £41.81. The reduction for a standard Zurich plan is even wider wider, £58.21 per month down substantially to £39.93. 
A November 2012 plan reflects a similar trend, with a £92,000 decreasing term plan for a 24-year-old female non-smoker cost £26.67 per month with Zurich, who today would want £25.24. L&G, which charged £34.58 per month, has reduced to £26.17. However, prices are always dependant on individual circumstances. 
Whether this downward trend is set to continue or not, now seems like the perfect time to protect you and your loved ones in case the worst were to happen. 

If you would like to discuss your protection needs, or just explore your options, contact your Oviso advisor today. 

Oviso Financial Services Limited is an Appointed Representative of Life & Easy Limited which is authorised and regulated by the Financial Conduct Authority under number 462298 in respect of mortgage, insurance and consumer credit mediation activities only.
Please note that home insurance services will be referred to a 3rd party.

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