The number of financial institutions entering the life cover market has increased significantly in recent years. Naturally, consumers may assume that competition among insurers has led to a drop in prices or at least to a levelling out to a fairly standard rate between insurers.

A term assurance survey conducted recently for Family Money by Coyle Hamilton's employee and benefits investments director, Mr Roddy Mellotte, shows this is most definitely not the situation as prices for the same cover vary greatly.

The difference in monthly premiums charged by 14 providers for level term assurance of £100,000 (€126,974) over 10 years for a non-smoker is significant, according to Mr Mellotte. A survey of the providers was undertaken for males and females aged 30, 40, 50 and 60.

The survey revealed that of 14 providers the lowest premium a 30-years-old male will pay is £8.05 per month with Equitable Life, but a high of £20 with Eagle Star for the same level and term of cover. A woman of the same age may pay £6.39 with Equitable Life and £20 with Eagle Star.

Equitable Life consistently delivers the lowest price for males and females aged 30-59. Females aged 40-59 pay just a few pence more with Guardian than with Equitable Life.

Those aged 60 and over pay less with Guardian Life than with other assurers.

These rates apply to non-smokers which are defined as a person who has not smoked tobacco within the last 12 months, is not at present smoking and does not intend to smoke in the future. There is an increased premium for smokers. The premiums quoted are subject to satisfactory evidence of good health.

The minimum premium for Friends First, Hibernian Life, Irish Life, New Ireland, Scottish Provident and Lifetime Assurance is £10. A minimum premium of £12 applies to Canada Life and £20 to Eagle Star. If the premiums are paid on a yearly basis, there are savings of approximately 4 per cent per annum, says Mr Mellotte.