Life insurance is becoming more affordable for UK consumers, according to recent market trends. Aviva and LV= have introduced new policies with lower premiums, making it easier for people to get the cover they need without breaking the bank.
The average annual premium for a £50,000 life insurance policy has fallen to £130, down from £150 in 2020. This is good news for those looking to protect their loved ones in the event of their passing.
However, it's essential to shop around and compare prices to ensure you get the best deal. Some insurers offer discounts for switching or opting for a shorter policy term, which can save up to 20% on premiums.
Cover is available from £10 per month for a basic policy, although this may not provide the same level of protection as more comprehensive cover. Those looking for higher limits can expect to pay upwards of £30-£40 per month.