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Save up to £100 by shopping around for life insurance

Sainsbury's Bank

Shopping around for best cover could potentially save up to £100 per year for level term life insurance and over £200 per year when adding critical illness cover.

 

Research by Sainsbury's Life Insurance says that the monthly market average life insurance premium has fallen for the second consecutive year. Premiums for all customer profiles have fallen, and there is a significant gap in price between the most competitive and most expensive policies.

 

For level term insurance policies, on average, an annual saving of £91.54 could be made, which translates to a 42% price difference between the most competitive and most expensive premium. For those seeking a policy that includes critical illness cover, you could save around £213 a year, which is 31% of a difference between the lowest and highest premium.

 

Quitting smoking remains one of the most significant actions you can take to reduce the cost of cover, with the typical premium for non-smokers costing 41% less than for smokers.

Life insurance news: 29 February 2012