With the cost of food rising and lenders becoming more discerning due to the credit crunch, it was widely expected that certain types of insurance were set to go up in price. However, home and car insurance prices have become static in price and life and travel insurance is now cheaper than it has been before.

This means that it might be a good idea to try and exchange your old life insurance policy for a newer and cheaper one as life insurance premiums have dropped by over 50% in the past 10 years. There are two main reasons for this; firstly there is a lot more competition on the market. In addition to this, people are living longer and longer. This means there is less of a risk to term-assurance companies so they can safely drop premiums.

So, if your current policy is due to be renewed remember to shop around to get the best deal as you could very well end up paying less than you are currently.