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According to the latest figures released by the Financial Services Authority, far more UK consumers shop around for the best deals on gadgets than on life insurance cover.
 The Financial Services Authority was actually carrying out a survey in order to devise a five-question checklist to help people that wanted to shop around for life insurance cover. However, whilst conducting the survey officials from the Financial Services Authority discovered that consumers in the UK seem to be far more concerned about getting a good deal on their gadgets than on their cover.
In response to the survey, the FSA revealed that sixty nine percent of consumers hated shopping for life insurance cover, and fifty two percent of the people involved in the survey said that they found comparing life insurance products far too complicated.
However, the FSA has urged consumers to shop around in order to get both the best deal and the right price for their cover. The checklist of five questions that was put together by the Financial Services Authority following the survey can be viewed on the FSA website, and could help consumers to get the right deal at the right price when it comes to life insurance cover.
The Director of Retail Themes, Vernon Everitt, stated: "Insurance plays an important part in protecting our families, homes and possessions. But as with all financial products, consumers need to be capable and confident in making the right choices, including shopping around for the best deal and asking the right questions. Our jargon-free information will help empower consumers to do just that."
The survey revealed some other interesting insurance related information, such as 25% of consumers thinking that it was compulsory to purchase travel cover from the travel agent with which they booked their holiday, and that fifty percent of consumers rarely or never checked their insurance policies.
Tom Smith
03.03.07
Further Information:
- Life Insurance - Life insurance or life assurance as many likes to put it is the simplest type of cover or insurance policy available in the market. You can get a life insurance policy made to cover yourself and your family against the various uncertainties of life and the unforeseen future.
- Life Insurance and your Home Mortgage - When a loved one dies, it is upsetting to everyone involved - friends and family members. But what could be more upsetting to the spouse or children is the financial strain some deaths can leave behind.
- Insurance for the Critically Ill - Many people unfortunately become ill at some point in their life with a sickness that turns critical and need constant treatment on a daily basis. Life insurance is a popular product but it is actually more likely that an individual will contract a “critical illness” than die
- Do You Have Enough Life Insurance? - Besides the thousands of people who do not have life insurance, many that do are actually underinsured. Many have children or family members that rely on them financially, and don’t realize their coverage is less than ideal.
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