The cost of life insurance appears to be falling "dramatically" due to the increased longevity of consumers, according to a leading independent financial adviser (IFA).

Libra Financial Planning notes that providers of such cover "aren't expecting people to die".

"They're more likely to have a critical illness like cancer or heart disease," a spokesperson for the company states.

He comments that the impact of medical improvements is "quite significant" on our population and as such that is why people are living for longer and healthier lives.

The spokesperson concludes that this has an impact on life assurance costs.

According to the Financial Services Authority, by 2031 the life expectancy for men will be 81 years and 85 for women - over 30 per cent of the population will be over 60 and there will be four million more people of pensionable age than children.

The authority also states that the need for provision for retirement has never been greater.