The Bank of England's Monetary Policy Committee today voted to reduce the official Bank Rate paid on commercial bank reserves by 0.25 percentage points to 5.0%.
Moneyfacts.co.uk urges people looking for life assurance to assess the full cost of cover over the term of the policy when selecting the best deal.
The warning from Moneyfacts.co.uk follows the launch of a new life product from the Post Office, which offers a £100 cash back bonus to anyone taking out either a level or decreasing term assurance policy. The incentive of £100 looks generous, but you may be able to obtain cheaper cover elsewhere which outweigh the benefits of the cash back deal.
