The research has revealed the extent to which consumers have benefited from the price war that has engulfed the term assurance market in recent years and warns that some premiums may have bottomed out.
Whilst consumers have seen the cost of other forms of insurance such as motor insurance and household insurance spiral, average term assurance premiums have in some cases halved over the last decade. Non-smokers have been the biggest beneficiaries with the average male premium down by 53% since July 1998 and the average female non-smoker premium plummeting 48%.
In monetary terms this represents a staggering £3,018 saving over a 25-year term for a male and £2,232 for a female. However, there are signs that for non-smokers the era of falling premiums may finally be coming to an end with premiums increasing slightly over the past 12 months.
