Life insurance costs falling "dramatically"
Thu 13 Dec 2007 1pm
A financial expert has stated that
life insurance premiums are getting cheaper in the UK because people are living longer.
Improvements in medical treatment and an increased emphasis on healthy
lifestyles has had a "significant" impact on the average
lifespan and the
life insurance market, a spokesperson for Libra Financial Planning said.
He also claimed that the
life insurance sector is currently "very competitive" and "very strong" in Britain.
"The cost of
life insurance seems to be coming down dramatically, because it would seem that people's
life and longevity is increased and so the
life insurance companies aren't expecting people to die," he explained.
According to the Financial Services Authority, the
life expectancy of UK people will have reached 81 years for men and 85 years for women by 2031.
Prudential has reported that the UK
life insurance market was the largest in Europe in 2004, with premiums worth a collective £105 billion.
