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The cost of the average life insurance policy has fallen by as much as 50 per cent over the course of the last decade, Moneyfacts has reported.
According to the financial advisory service, life cover has bucked a trend which has seen consumers paying more for many other forms of insurance such as car and home protection.
Non-smokers have seen average premiums fall the furthest, with average cover for men down by 53 per cent since July 1998.
Meanwhile, female non-smokers are paying 48 per cent less than they were a decade ago.
Richard Eagling, editor of Investment Life & Pensions at Moneyfacts, said: "Longer life expectancy coupled with increased competition in the term assurance market has driven prices down to all time lows."
However, he went on to advise those looking for a policy to shop around to find the cheapest deal.
Earlier this week, Moneyfacts also reported that average two-year fixed-rate mortgages are now back below seven per cent.
InsureandGo offers competitive life insurance for protection and peace of mind.
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