Twin room, not double FT Adviser
Whether it is a new car, a computer or even a box of chocolates, most people will take the time to compare prices and choose the item that gives them the best value for their hard-earned cash.
When it comes to taking out life or critical illness cover, price has always been an issue. For many people protection is seen as a luxury product rather than a necessity.
But with the UK population worryingly underinsured, providers need to be offering a product that not only meets the customer's needs but is also seen to be offering good value for money.
Take joint life plans. When a couple needs protection, it is natural for an adviser to quote for a joint life policy.
But is this best for the customer from the point of view of price and the protection it provides?
Joint life policies seem perfectly logical for covering mortgages because a loan only has to be paid off once.
But these days in order to provide the family complete protection a joint life policy might not be enough. The death or critical illness of either partner can have devastating effects on the family finances.
This is MoneyLife insuranceThis is Money has a dedicated life insurance section which exposes unscrupulous insurers and gives tips on finding the best deal. Go to www.thisismoney.co.uk/life There are a varying versions of term insurance. With a level term policy the benefit is
Irish IndependentMortgage protection to buy any mortgage protection insurance offered by a bank. Get it separately. Canada Life is now looking pretty awful too. Decreasing cover for a couple of 30-year-old non-smokers on a €500000 mortgage over 30 years. Quotes from www.mylife.ie.
