The comparison website, moneysupermarket.com, has produced tips, which aim to help, policy holders save money on their life insurance premiums, in the face of tighter financial restraints coming from the credit crunch.

This comes in line with the insurance company, LV=, which composed a study that shows people, who choose to lead healthier lifestyles, benefit from lower premium. The company found that non-smoking policy holders can pay £10.42, while a smoking policy holder could, have to pay £21.06 for theirs; more than double the premium cost.

Moneysupermarket.com's suggestions, for getting the most cost effective premiums include, providing full disclosure of your personal circumstances as well as notifying the insurance provider of any changes that may affect the premium, such as a change in occupation, finances or marital status.

Emma Walker, head of protection at moneysupermarket.com, said: "In the current economic climate, people may be considering cancelling protection insurance policies to save money. However, this could be a false economy."

"Protection insurance cover should be seen as an important addition to your finances and, even more significantly, prevent you being hit by a huge bill should your circumstances change. If you unexpectedly fall ill or lose your job, having protection insurance in place could literally be a life saver.