Customers are being urged by Standard Life to cut their life cover costs by paying their premiums annually instead of monthly.
The company have calculated that over a typical 25-year term, customers could save around 18 months worth of premiums.
For example, a male non-smoker aged 35; paying £10.02 for £100,000 of life cover over 25 years would pay £120.24 per year. If he chose to pay annually, the cost would be £113.00, which would be a saving of 18 months worth of premiums over the 25-year policy.
Our view
If you can afford it then why not.