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Cheap not best when it comes to life insurance - News 2009
Consumers have been advised not to be drawn in by low cost life insurance products because while they may look affordable over a long period they could end up costing more.
People should not use cost alone as the basis for purchasing these products because those that are cheap may cover for much less compared to other products, which may necessitate the need for looking for extra funds should an illness occur.
Writing for consumer website lovemoney.com, Jane Baker has argued that opting for low-cost products may make financial sense but the cheapest premiums is not necessarily the best.
This is because some of the cheapest life insurance products on the market are also "reviewable", meaning "the premiums will be re-assessed periodically by the insurer, and will almost certainly increase over the term".
However, anyone keen to go for such products can still do so but would be better off opting for those offering "the cheapest guaranteed premium", Ms Baker recommended.
Utmost care must also be taken when obtaining critical illness cover or income protection insurance, which are there to cater for injury or illness, as the levels of cover may vary extremely.
Price comparison websites can help consumers evaluate and get the best product to meet all their needs.
To compare life insurance policies godirect have the most uptodate life insurance quote system on the market.
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