UK Money News
31st December 2007
People 'should look over life insurance policies'
People can save money on their life insurance policy by reviewing it carefully to make sure it reflects the falling market cost of cover, according to Life Search.
With the cost of life cover falling around 40 per cent within the past five years, the firm is urging consumers to look over their policies.
In addition, the firm suggested that for those without life insurance, now is a good time to buy as the cost of critical illness cover fell nine per cent between March and September 2007.
"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," said Matt Morris, a policy advisor at Life Search.
He reminded consumers that if they have recently given up smoking and have been smoke-free for more than 12 months, they can investigate getting a cheaper premium and potentially save thousands of pounds.
Mr Morris added that although falling prices represent a good time to invest in a life insurance policy, cost should not be the only factor, as consumers also need to take their individual needs into account.
In related financial news the ifs School of Finance recently stated that it is important for people to manage their money effectively to avoid potentially "devastating consequences".
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