Sainsbury's Bank Life Insurance points to savings

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Sainsbury's Bank Life Insurance points to savings

Almost four out of five consumers (78 per cent) could save money by switching life insurance companies, Sainsbury's Bank Life Insurance has said.

3.5 million people are expected to buy life cover next year, but many could be paying 150 per cent more than they need, wasting £118 a year, a new report by Consumer Intelligence finds.

The report also reveals that, for identical cover, the majority of existing policyholders could save as much as 30 per cent on their annual bill.

"Premiums have fallen over the past few years so it's worth finding out if you could save money or increase your level of cover at no extra cost by switching provider," said Donald Jarvie, life cover manager at Sainsbury's Bank.

"Any decision to switch should be made carefully and we urge people to make sure they are covered by their new provider before cancelling an existing arrangement," he added.

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