LV= cuts its rates

In some cases premiums have been reduced by over 13%, and across both its Gift Inter Vivos and Lifetime+ (guaranteed whole of life) contracts all of the premiums have been lowered.

As an example, a female non smoker aged 35 next birthday opting for Level Term Assurance, for a £150,000 sum assured, over a 25-year period would now pay £9.99 per month, down from £10.24 previously.

Chris McFarlane, Head of Protection at LV= comments: "At a time when protection is more important than ever, we are committed to providing simple, flexible and affordable solutions to financial advisers and their clients. Furthermore we know that consumer perception of price is a major barrier to taking out protection, but actually cover can be much more affordable than consumers think, and even £10 per month can go a long way towards providing a reasonable level of protection".