- The big bank break up and the 4th anniversary of the Northern Rock collapse.
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- Mon 12th Sep 2011
- Up to one in six European banks fail financial health check.
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- Tue 28th Jun 2011
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- Mon 13th Jun 2011
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.
