Friends First has reduced its life-term assurance rates across all product ranges in an effort to increase its share of the mature life assurance market worth £28 million.

The market is ripe for picking as 60 per cent of adults do not possess life cover in Ireland. "Because term assurance products are extremely price sensitive, reducing rates will help us to strategically position ourselves to capture a sizeable proportion of the market, " said Mr John Cunningham, general manager for group planning and marketing.

Average rate reductions have been reduced 19 per cent for level term, 25 per cent for convertible term, 18 per cent for mortgage protection and a 25 per cent reduction for self-employed (SETA) says Friends First.