With the cost of life insurance falling year on year, Brits could be paying too much for their particular policy if they haven't shopped around to get the best deal, a leading insurer warns.

The cost of life insurance has fallen by 40 per cent over the last five years and consumers could be spending thousands of pounds more than necessary by sticking with the same policy, according to LifeSearch.

It says that a 25-year policy for a 35-year-old male non-smoker taken out in 2002 could have cost around £21 per month for £100,000 of life cover compared to paying just £9.85 for the same policy today.

Linda Tyson, policy adviser, said: "Life and health insurance tend to be event driven purchases, usually triggered from buying a house, getting married, having children or changing jobs. Although once you have purchased your insurance not many people think to review their policies regularly.

"If you bought cover in the last five to ten years you could make a significant saving on your premiums by shopping around for the best deals on the market today, as long as you are in good health. Our top tip for getting the best deal is to speak to someone independent who can search the whole market and advise you on the cover best suited to your circumstances."