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ARE YOU PAYING TOO MUCH FOR YOUR LIFE ASSURANCE?

One of the cheapest forms of life assurance is known as Term Assurance. This provides a guaranteed amount of life cover over a set term for a (usually) fixed monthly premium.

This cover is normally arranged for family protection, business protection or to cover a mortgage or other loan.

Many insurers have reduced their rates for this type of policy, so policies bought some years ago could possibly be re-arranged for a cheaper premium.

Because there is no investment element or cash-value in this type of plan, this is one of the rare occasions where the cheapest is often the best value for money. Typical premiums to provide £100,000 life cover for a term of 25 years are as follows:
Non Smoker Rates - 25 Year Level Term - Monthly Premiums for Life Cover of £100,000

£100,000 life-cover 25 year term
Male & Female lives aged 35 next birthday non-smokers
MALE
Monthly Premiums
Insurance Company
FEMALE
Monthly Premiums
£9.99
AEGON Scot Eq
£8.30

£9.85

Egg

£7.90

£10.02
Standard Life
£8.04
£12.45

HSBC Life

£11.70
£9.90
Nationwide Life
£8.20
£8.90
Marks & Spencer
£7.50
£9.40
Friends Provident
£7.71
£9.60
Virgin Money
£7.70
£8.75*

Nigel Bourke & Co
£6.95*

Source: MoneyFacts Life & Pensions January 2008
*Information provided by Nigel Bourke & Co

If you would like a personal quotation comparing the most up to date premiums from leading insurance companies, click on the button below.

 

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