Life Insurance News
Shopping around good but brokers vital for proper advice
The British Insurance Brokers' Association (BIBA) has urged consumers looking for protection products such as life insurance or income protection cover to shop around in order to get the best deal.
Recent figures from Mintel have shown that a huge majority of the British public is using online resources to shop around for their insurance needs.
According to Steve Foulsham, the technical services manager at BIBA, the trend is down to media attention that has been generated through TV advertising and price comparison websites.
However, he stated that while shopping around is encouraged, the advantages and services of brokers should not be underestimated.
"There's no real substitute for making sure that the consumer gets the right advice when he's shopping around. Brokers are the best place to provide that advice," said Mr Foulsham.
"Clarity is the key and consumers really need to have the right advice and need to make sure they are getting a policy that fits their own requirements."
According to research published by Biba in May, some consumers are leaving themselves open to risk by reducing the level of protection they have because of the recession.
Insurance products to consider include critical illness, accident and unemployment cover.
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