Switching life insurance providers could result in cheaper premiums
Tue, 01 Mar 2011
There has been a reduction in the monthly average market life insurance premium for around three quarters (74 per cent) of customer profiles over the last 12 months, according to research by Sainsburys Life Insurance .

These results indicate that people could pay less money for the same level of cover, or improve their cover for around the same premium by changing their life insurance provider . Also, in some cases, it's possible to keep a similar premium and level of cover, but receive a reward just for switching to a new provider.

Lucy Hunter, Sainsbury's Life Insurance Manager, said: "Over recent years we have seen the term assurance marketplace become increasingly competitive. However, the gap between the most competitive and most expensive premiums still remains significant and we believe the disparity between premiums revealed by our research should serve as a poignant reminder to people of the need to shop around.

Ms Hunter added that people should ideally review their premiums regularly as they would their motor or home insurance and especially if they've moved house or remortgaged.
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