The Life Insurance Market
People shopping on the high street for life insurance are likely to get ripped off, possibly paying as much as 20 per cent over the odds for cover.
This comes from a study by the Daily Mail, which points out that a Legal and General life insurance policy from the Nationwide can have a premium of more than £65 (£66.82), compared to less than £55 (£54.20) elsewhere.
The building society defends the action, claiming that they are opening up the possibility of life insurance to a wider audience, but Matt Morris from LifeSearch isn't convinced.
He notes that "unfortunately, many consumers don't realise that when they go to their bank they are not getting a choice of products, but only the deals from one company."
He adds that "buying direct from an insurer can be expensive, too. The cheapest way is either online or through a broker – anyone who can search the whole market."
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