The job cuts are likely to affect the Axa Life offices in Bristol, Basingstoke, Coventry and the Isle of Man. Axa have already shed 1,000 jobs in it’s UK offices over the last twelve months as part of a three year £80million cost cutting exercise. The company has now revised that figure to £150million.

Axa say they are continuing to transform Axa UK to operate with increased efficiency and ensure they come out of the downturn fitter and stronger, while a spokesman for the union Unite warned, “This must not be used as an excuse for the short term slashing of jobs.”

Non smokers get the keenest deals although premiums have fallen almost as much in relative terms for those who choose to smoke. There is a differential of around 35% between premiums for smokers and non smokers.

Longer life expectancy and increased competition in the market have driven prices down says MoneyFacts. The number of providers has increased substantially in the ten year period and the advice is to shop around carefully as life assurance companies asses risk differently.

MoneyFacts warns that cover with one assurer can cost five times as much as their most competitive rival.