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A new study by Legal & General has revealed that life assurance premiums are now as much as 9 times lower than they were 50 years ago. This staggering fall in the price of term assurance owes much to people living longer and the effect of continuing improvements such as e-trading on the cost of life assurance.
In the 1950's the annual premium rate was £9.00 per £1,000 sum assured, in the 1970's annual premiums were around £2.50 per £1,000 sum assured and today a non-smoker would pay an annual premium of £1.04 and a smoker £1.67 per £1,000. These costs are based on a male aged 30 next birthday, for a 25 year term.
Improved life expectancy has played a large part in the reduction in premiums. A baby born in the 1950's had a life expectancy of 67 years (for a boy) and a 71 years (for a girl.) Today this has been extended to 76 and 80 years respectively.
Ronnie Martin, Protection Director at Legal & General said, "In the late 1950's Harold Macmillan used the election campaign slogan 'You've never had it so good'. Now 50 years later life is not only good, but also thankfully longer. Whatever else has changed, families today as much as ever, require the security that term assurance can provide. And as these figures show it's never been better value for money."
Get online quotes for discounted life assurance at: http://www.a-life-insurance-website.co.uk
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