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'Compare the products' before buying life insurance - News 2009
The procedure chosen by consumers to buy life insurance can go a long way in delivering thousands of pounds worth of savings, according to financial website thisismoney.co.uk.
When choosing life insurance, consumers can opt for level term assurance, decreasing term assurance and whole-of-life insurance, whose terms are very straightforward unlike health-related covers.
This is because "the policies on offer are, broadly speaking, the same", meaning that "buyers can hunt for the cheapest policy without having to compromise on the standard of cover".
While level term cover is set on the length of time during which an individual wants to be covered, decreasing term insurance sees the sum of the entitlement fall over time.
The most straightforward is whole-of-life insurance, which will pay a guaranteed amount in the event of the customer's death.
Eliminating middlemen is one way to ensure savings are made, says the website, which has advised against just going to one provider because you may walk through the door of the most expensive.
Consumers should carry out an internet search to compare products on offer or contact a broker who will compare the market and refund customers some of the money they make from their commission, the website stated.
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