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Life Insurance News
Sainsbury's: Life insurance customers should shop around while young - 18/10/2007
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Younger consumers should be able to find a competitive life insurance deal and should shop around to maximise their savings, according to Sainsbury's Bank.
Spokesperson Claire Moyles said that while many young people may choose to take out a life insurance product provided by their mortgage lender due to the ease of this approach, savings can be made by shopping around.
She explained that first-time buyers may be persuaded to take out life insurance offered by their mortgage provider as this is a fairly easy thing to do, but that the static nature of life insurance premiums means that looking for a good deal while young can entail substantial savings.
"Not shopping around is a disadvantage for them because with life insurance your premiums do stay the same," Ms Moyles pointed out.
"The younger and healthier you are, the cheaper your premiums will be," she added.
A report issued by the Association of British Insurers in January 2007 found that the UK insurance firm paid out more than £160 million a day in pension and life insurance benefits in 2005, £144 million of which was paid to pensioners and £17 million of which was death benefits.
© Adfero
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