Consumers advised to check life insurance policies
Thu, 21 Jan 2010
Individuals who have one or more illnesses that are exempted from their life insurance policies should not be paying the full amount on their premium, according to LifeSearch .

If a condition or illness has been removed from the policy, it is not as comprehensive as it could be. However, while consumers could expect this to mean that the cost of the cover is reduced, in many cases it is not. Life insurance policy holders who are paying above the odds for cover they are not receiving, are advised to find another deal which will provide them with 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 around for a new deal if you have given up smoking in the last year as this may reduce the amount you pay on your premium.
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