Cheap life cover ‘easier to get’ as treatments improve
Life insurance in the UK is easier to come by as critical illness treatments improve and people live longer, it has been claimed.
According to independent financial advisers Libra Financial Planning, insurance providers "are not expecting people to die" and therefore they offer products at a lower price.
"The impact of medical improvements is quite significant on our population and that’s why people are living longer…healthier lifestyles, those sorts of things," confirmed a spokesperson for the group.
"Life insurance companies aren’t expecting people to die - they’re more likely to have a critical illness like cancer or heart disease," the financial specialist continued.
Recent figures released by the Financial Services Authority revealed that life expectancy for British men will be 81 by 2031, while women are predicted to live until the age of 85 on average.
Libra’s representative concluded that the UK’s life insurance market has been the largest in Europe and the third largest in the world because it is "very competitive" with a varied and sophisticated range of products.
The Insurance Helpline specialises in obtaining cover for people with medical conditions
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