Consumers should check life insurance policies

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Consumers should check life insurance policies

Mon 18th Jan 2010

Individuals who have one or more illnesses exempted from their life insurance policies should not be paying the full amount on their premium, according to LifeSearch.

When a condition or illness has been removed from the policy it is not as comprehensive as it could be. However, while consumers may expect this to mean the cost of the cover is reduced, in many cases it is not.

If life insurance policy holders are paying above the odds for cover they are not receiving, they are advised to look for another deal which will offer them the same level of protection but at a lower price.

Matt Morris, LifeSearch senior policy adviser, said: "Consumers must remember to check whether the insurer will reduce the premium as recompense and if they refuse, speak to an independent adviser who can find you an insurer that will."

When looking for a new policy, it is important to search about for a new deal if you have given up smoking in the last year, as this can reduce the amount you pay on your premium.

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