Paying Too Much for Life Insurance?
Failure to review policies could be costing £2.2bn
11th October 2005
New research by Sainsbury's Bank suggests that people are reluctant to review their life insurance policies, and by not looking for a better deal could be collectively losing out on £2.2bn over a ten year period.
The bank estimates that 46% of policyholders have either never reviewed their arrangements or had not done so in the last five years.
Common reasons for this reluctance included the belief that as a policyholder has grown older, any new insurance they take out will automatically be more expensive. This is not necessarily the case, as competition has pushed premiums down over the last few years across the whole market.
David Pickett of Sainsbury's Bank commented:
"Life insurance can make a big difference to your family's future and can go a long way in helping to provide peace of mind. However, you should be careful not to overpay for the cover you need. We would urge those with cover to review their policies to make sure they are paying a fair price."
Read More: Sainsbury's Press Release
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