Life Insurance News
Cheap life insurance on comparison sites not recommended
People using price comparison websites to search for life insurance have been advised not to fall for lucrative looking offers as some of them may end up costing more in the long-term.
Comparison sites may offer the convenience of making it easy to see the variety of cheap products on the market but insurer Legal & General (L&G) warns that some of them may become useless after a few years.
Some sites offer a life insurance product named "reviewable term assurance" as one of the cheapest policies but the premiums may increase in the course of the contract, warns L&G.
According to the company, although such a product "may seem like one of the best and cheapest life insurance policies at the time, once it has run for a few years it could become less competitive".
The British Insurance Brokers' Association recently stated that shopping around for insurance may be a good thing to do but consumers should not underestimate the usefulness of brokers.
According to the association, brokers are able to guide people towards the right product to suit their needs because they have the necessary experience gained from dealing with such issues regularly.
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