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Thursday 13th December 2007
Life insurance costs could drop "dramatically" over the years ahead as conditions arise to make policies more affordable.
It has been claimed that medical improvements and increased longevity will make life insurance far cheaper for people to purchase.
A spokesperson for Libra Financial Planning explained: "The cost of life insurance seems to be coming down dramatically because it would seem that people's life and longevity is increased and so the life insurance companies aren't expecting people to die.
"The impact of medical improvements is quite significant on our population and that's why people are living longer."
He added that "healthier lifestyles" were among the reasons for an improvement in longevity and provided this continues life insurance costs will continue to come down in the future.
According to the Financial Services Authority, by 2031, over 30 per cent of the UK population will be over 60, compared with 20 per cent today; and there will be four million more people of pensionable age than children.
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