Cheapest doesn't mean best for life insurance
09 September 2008
The cheapest price for a life insurance policy does not necessarily mean the cover provided will be the best on offer, an expert has argued.
According to Jonathan French, a spokesperson for the Association of British Insurers (ABI), consumers should remember to look for the most appropriate deal for their individual circumstances rather than simply choosing the cheapest option.
"The cheapest is not always the best for any given individual. The best thing to do would be to seek independent advice in order ... [to get] the most appropriate deal for your circumstances," said Mr French.
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He added that a potential downside of comparison websites is that they tend to only identify the cheaper deals.
Research from Prudential suggests that life insurance is the type of cover most valued by 35 per cent of Brits, although the organisation also found that one in ten people would give up life insurance cover if they felt their personal budgets were being stretched too far.
