New research from Moneyfacts has shown that life assurance premiums have plummeted by half in the past decade.

The past 10 years has seen a price war between life assurance companies which has dramatically reduced the size of premiums. The study shows that average term assurance premiums have fallen by 48% for women non smokers and 54% for men.

Richard Eagling, editor of investment, life & pensions at Moneyfacts, says: “Longer life expectancy coupled with increased competition in the term assurance market has driven prices down to all time lows, but for non-smokers there are signs that rates may have bottomed out.

“Consumers looking to take advantage of the huge savings on offer should proceed with caution as life insurance companies assess risk differently.

“Some policies are as much as five times more expensive – so why waste money needlessly?”

Get a life insurance quote