Life Insurance News
Don't cut back on life insurance, shop around for better deals, consumers urged
Consumers who are contemplating cutting back or cancelling their life insurance have been advised not to take this route but instead to turn their attention to finding how to make savings without compromising cover.
Writing in the Observer, Esther Shaw has noted that the temptation to cut back may be high in the current economic environment but advised against this, saying that not having adequate cover "could hugely outweigh any short-term savings".
Ms Shaw has advised those who have not reviewed their policies over the last couple of years to consider doing so because they may end up getting better deals following falls in premiums.
She cited recent research from protection broker Lifesearch, which showed that the cost of life insurance has become more affordable after falling by more than 40 per cent over the last five years.
Consumers can also get their insurer to reduce the sum assured to a figure they can afford, a spokesperson from Zurich is quoted by the newspaper as saying.
In order to get the best possible deal, consumers should also avoid taking out cover from their bank, supermarket or mortgage provider without checking out what else is on the market.
Some people visit more than six insurance websites before committing, Global Reviews recently stated.
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