Young people should consider insurance options
October 19, 2007 by admin
Filed under News, News-Insurance
Young people should shop around more for life insurance providers, an industry expert has said.
According to Clare Moyles of Sainsbury’s Bank, younger people are often inclined to use the same provider for life insurance as they have to take out a mortgage.
She said: “Younger people tend to go with their mortgage lender because they might be a first time buyer and that tends to be the easiest thing to do.
“Not shopping around is a disadvantage for them because with life insurance your premiums do stay the same.”
For those who are “younger and healthier”, she added, premiums will cost less. By sticking with one lender without looking at the other options, people are missing out on possible savings.
Information from the Association of British Insurers this year showed that £160 million per day was paid out in Britain in 2005 by the UK insurance industry.
This figure comprises £17 million in death benefits and £144 million paid to pensioners and long term savers.
