The cost of life insurance has plummeted by as much as 30 per cent within the last decade, new research has revealed.

According to insurance broker, Lifesearch, the cost of life insurance is at its lowest ever and now would be the best time to purchase a life insurance policy for those who haven’t already.

However, not everyone is able to benefit from cheap life insurance cover as smokers, heavy drinkers, those who are classified as obese, or in high risk professions are more likely to have to pay higher premiums.

Matt Morris, of Lifesearch said: “The old loading for obesity meant premiums jumped by up to 20 per cent. That is more like 50 per cent today and can in some cases be more. People are being loaded earlier and loaded higher. No single insurer will be cheapest for everyone. Those who have a high BMI or complicated medical problems should shop around for the best cover.”

Meanwhile, research from Barclays has revealed that 20 per cent of approximately 25 million Brits who have some sort of protection policy, are unaware of how much their life should be insured for while 73 per cent do not know how much their cover is worth.

Advisor and products director, David Stuart of Barclays said: "It's a worrying statistic that over 10 million people could have the wrong cover when they think they are protected.”