Life insurance prices offer savings

Life insurance policy holders are wasting millions of pounds by not shopping around or sticking with their old providers, it was claimed this week.

The price of life insurance has been dropping steadily in recent years, but many of these benefits have not been passed on to existing customers who do not review their policies, according to LifeSearch.

With average premiums down 40 per cent compared to five years ago, there are big savings to be made, while the price of critical illness insurance also began to fall during 2007.

Matt Morris, LifeSearch Policy Adviser, said: “There are a number of actions that customers can take in the new year to freshen up their finances and save a bit of money. The main thing is to take action. Don’t wait until New Year’s Day 2009 comes round before you start thinking about this again.

“However, it is important to remember that price should not be the only consideration when choosing a protection product and customers should look at the policy that offers the best value for money. This means looking at the product which most suits individual circumstances and offers additional benefits.”

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