UK Life insurance market very competitive

December 14, 2007 by admin  
Filed under News, News-Insurance

A spokesperson for Libra Financial Planning has announced that while “the life insurance market in this country is very competitive” and that prices are falling.

He said that premiums can vary greatly in terms, price and all the extra add-ons available, but the marketplace is still very competitive.

“I would say the market is quite strong,” he added.

The cost of life insurance appears to be falling due to people living longer say the organisation.

The impacts of medical improvements and healthier lifestyles are having a significant on our population and as a result people are living longer, said the spokesman.

Figures from the Financial Services Authority have revealed that by 2031 the life expectancy for men will be 81 years and for women, 85.

According to Prudential, the UK life insurance market was the largest in Europe and the third largest in the world in 2004, with approximately £105 billion of net premiums written.

Related Entries

  • Home insurance market remains competitive
  • Prices in the home insurance market are still competitive despite predictions that flood damage claims earlier this year would inflate premiums, according to the British Insurance Brokers' Association (BIBA).Graeme Trugdill, technical services manager at the
  • Life Direct: Despite whole of life safety most choose term insurance
  • The majority of people decide to take out term insurance rather than whole of life insurance, even though the latter offers guaranteed security.According to a spokesperson for Life Direct, Steve Wroe, many people are unaware
  • Life insurance with mortgage ‘good for parents’
  • People with dependants are advised of the benefits of getting life insurance when taking out a mortgage.According to Key Financial Consultants Ltd, many first time buyers neglect to take out life insurance due to other
  • Smokers face double the life insurance premium
  • Smokers may be faced with life insurance premiums that are twice as high as those for non-smokers, says an expert.In particular, older people who smoke can expect a large reduction in the price of their
  • Financial websites increased awareness of need for life insurance
  • Financial websites have helped raise awareness of the need for consumers to take out life insurance, according to insurance experts. The Association of British Insurers (ABI) said that websites are useful for those consumers who
  • Bright Grey: Life insurance top priority
  • In principle life insurance is top of people's insurance priorities but many do not put this into practise.Recent research by Bright Grey protection specialists shows that 40 per cent of people felt that life insurance
  • Weight and smoking can influence life insurance premium
  • People's weight and smoking are two factors which can have a major influence over their life insurance premiums, according to insurance information advisor Life Direct.Insurance companies tend not to consider a customer's level of fitness
  • Housewives ‘need life insurance too’
  • Housewives are equally as likely to need life insurance as men, a report claims.Industry experts have said that the insurance needed for a housewife can be estimated by compiling the costs incurred through her absence,

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!