Get the best life insurance when approaching retirement

Get the best life insurance when approaching retirement - News 2009

Retirement has been identified as one of the best times in life when consumers should review their protection requirements to ensure they can get cheaper life insurance, it has been stated.

According to Mark Gettinby, the director of financial services at Intune, which is related to Help the Aged, taking such a step will ensure consumers are not paying for what they do not need, reports Interactive Investor.

"Most people will no longer need income protection or payment protection insurance once they have retired," Mr Gettinby is quoted by the publication as saying.

"And if your kids are financially independent, you might also want to review your life insurance," he recommended, although he warned that such steps need to be well thought out to prevent doing away with cover that may still be useful.

One way for people approaching retirement to look for more affordable products is by visiting price comparison websites, which "compare millions of policies", according to British Insurance Brokers Association corporate affairs executive Graeme Trudgill.

Despite this convenience, consumers should be clear about what they want their policies to cover when visiting the sites because they only highlight the cheapest product and not necessarily the best, warned the industry official

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