Pros: The dividends can be steadier than stock returns or interest rates and can be borrowed tax-free as long as the life insurance policy stays in force.

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Permanent insurance is a far more complex product that combines life insurance with some form of savings plan and is often designed to stay in force for life.

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Standard Life said it was also ready for another change in regulations which come in to force next year and which ban commission payments to financial advisers who sell life insurance and savings products.

BBC: Standard Life reports sales fall