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The Life Insurance Market
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Decisions about what type of life policy to purchase should not solely be made on the basis of price, but the policy that is the most suitable for the client’s needs and expectations. Judging policies solely on price can lead to mis-buying.
If comparison website, for example, added extra value, such as offering advice on a wide range of products and companies, then that would be a worthwhile and add value, but very few do this. Also their ‘one-size-fits-all’ approach may not fit with each insurers' own underwriting process, so the premium could change when customers apply for cover.
Customers should be offered the option to write their policy into trust, as they are with any good IFA, which is free and simple to do and saves tax problems at claim time. This is the type of advice that all protection companies who sell direct to the public, whether they are a price comparison site or phone-based, should be promoting.
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