Look at whole life insurance market, expert says

People shopping around for life insurance need to make sure they look at the whole market before taking out a policy, it has been claimed.

Stuart Budgen, a spokesperson for Libra Financial Planning, explained that people needed to establish exactly what they required from a policy and then find one that was suitable for their needs.

He said: “You need to look at the whole market. There is no point in just going to your bank and getting life insurance products from there because they are not going to be the cheapest.”

Mr Budgen added that Tesco and Sainsbury’s offered “very cheap” life insurance products.

However, he said that anyone who felt they needed advice should seek out someone who was qualified to help them in their search for a life insurance policy .

According to the Association of British Insurers, 40 per cent of households have life insurance.

It also found that in 2006 the UK insurance industry paid out £17 million in death benefits.

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