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Life insurance premiums head south

Published: 11/12/2007

One leading independent financial advisor has suggested that life insurance premiums fell on average by ten per cent between March and September.

The new report from LifeSearch attributes the spike in affordability to growing competition among insurance providers, with new entrants to market frequently undercutting many banks and supermarkets.

Commenting on the findings, spokesman Matt Morris said that in addition to the already favourable rates, UK consumers can further cut their premiums by adopting healthier lifestyles.

He noted that insurance companies will reward positive behaviour such as quitting smoking and taking regular exercise because it lowers the chance of a policyholder needing to cash in on his insurance.

"If you can save money and still get the right type of cover for your circumstances, it makes sense to take advantage of the opportunity," Mr Morris argued.

According to the Association of British Insurers, the UK insurance industry paid out over £160 million per day in pension and life insurance benefits in 2005.

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Last Updated: 11-02-2012