I have a life insurance policy which I bought about 9 years ago. I read an article recently that said that life insurance was now much cheaper to buy but i am still paying the price given to me 9 years ago. I pay £32.35 per month. Should i ask my insurer which is Standard Life, for a price reduction? What should i do?

First of all forget about asking your existing life insurance company for a price reduction - nice thought, but you stand no chance!

But on a positive note, you may well be able to get the same level of over for a cheaper price. The fact that you are now 9 years older than when you took the policy out, will put the price level up, but assuming that you remain in good health, there is a very good chance that you could buy a brand new policy to provide the same cover and still come out with change in your pocket. However, if you have had any significant health problems during the last 9 years that could scupper the idea.

Anyway it is very easy to find out - stay online and get a new quote for life insurance. Try this site for example. Then if the quote is cheaper than the £32.35 you are paying now, apply for the policy. Remember that you are not insured until the life company confirms to you in writing that they have accepted your application. So do not cancel your existing cover until you have that confirmation.

Best of luck!