Two thirds overestimate life insurance costs

Research by the provider also found 35% overestimated the cost of adding a critical illness option to that life cover. Based on L&G direct rates at 15 August 2008, £150,000 level term assurance over 25 years for a healthy, non-smoking man aged 25 would cost £8 per month. However, 24% of people surveyed thought the policy would cost between £11 and £20, 18% said £21 - £30 and 22% believed the cost would be over £30. Adding critical illness cover for the 25 year old man would cost a further £18 a month. A total of 14% of people incorrectly estimated between £21 to £30 while 23% said ove...