Life insurance cover gets cheaper as life expectancy rises
Life insurance cover costs have fallen dramatically over the last few years as the effects of rising life expectancy and advances in medical science are felt in the increasingly competitive insurance market.
Can we save you money on your life insurance or critical illness?
|
|
 |
 |
The fact that we are living longer has played havoc in the pension fund industry, but it is good news for consumers where life insurance is concerned. Life insurance cover companies effectively bet on us living long enough for them to turn a profit – and increased longevity for us means better odds for them.
Improvements in medical science are also helping the fall in life insurance cover costs. People are less likely to die from serious illnesses like cancer than ever before, which again means better odds for the insurer.
Increased competition good for life insurance cover customers
Increased competition in the insurance market is perhaps the biggest factor in falling life insurance cover costs, though. The recent entry of high street stores and supermarkets onto the playing field – you can buy a policy with your porridge at Tesco, and the Post Office now offers life insurance cover as well as first-day covers – keeps a downward pressure on prices. Insurers are being forced to pass the benefits of their better odds on to consumers in the form of lower premiums, rather than keep them for themselves in the form of higher profits.
Similarly, terminal illness cover costs have fallen for the same reasons, with insurers often throwing it in free of charge for an introductory period with a new policy. (This should not be confused with critical illness cover, which pays a lump sum, or a series of smaller sums, in the event of the policyholder contracting a debilitating but not necessarily fatal condition).
A good time to buy life insurance cover
As a result, consumers are finding that this is a very good time to buy life insurance indeed. While buying insurance is usually an ‘event-driven’ purchase – we buy it when we move house, marry, or change jobs, for example – many people are taking advantage of the falling cost of life insurance cover by cancelling existing policies and taking out new ones.
Jump Money is a specialist in life insurance and is happy to answer any questions you may have related to life insurance, life assurance, term assurance and life cover. The company will strive to fit an insurance package to the exact criteria you need in order to help you avoid buying products you do not need as well as helping you fully understand your purchase. To find out more about how Jump Money can help you protect yourself and your belongings call now on 0845 8516262 or fill in an online quote form today.
Return to Jump Life Insurance articles index
Get a free online Life Insurance quote | Get a free online Critical Illness quote | Get a free online Mortgage Protection quote | Get a free online Income Protection quote | Return to the home page