Life Insurance News: Life insurance cover not comparative
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Article Published: 23-Jul-2007
On attempting to compare the consumer experience of buying life insurance cover and mobile phone cover, Torquil Clark Life Insurance director, Jason King, found that online life insurance applications can generate almost 29 metres of paperwork.
Mr King was offered mobile phone insurance cover at £5 per month and found that the comparative life insurance cover would buy a 36-year-old male non-smoker, £50,000 in cover but discovered the process of getting on risk generated 97 pages against just 12 pages for mobile cover which he believes is a reason for many people having mobile phone cover but no life insurance cover.
He says: "Life insurance has never been cheaper. Prices are falling but people are not buying it as much as they should because of the process. For critical illness and income protection, the underwriting is more stringent, so even more paper is likely to be generated. We need to make the process easier. This is not good for the environment and is hopeless for the consumer."
Source: Insurance-4-life.co.uk
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