The internet bank, Cahoot, recently undertook a survey of 1,500 people to find out about their life insurance.
Whilst almost two thirds of adults questioned had cover for death, 20% of them had no idea how much cover they were paying for. One reason for the lack of knowledge could be put down to the cover not being reviewed.
However, whilst the amount of cover would be known when it was taken out, if reviews had not been done, people could be paying much more than they need to or have totally inadequate cover.
Our View
Life insurance is generally very cheap for people in average health. Cover can also be available if you are in poor health. Over the last ten years or so, life insurance premiums have reduced drastically and you really could be paying more than you need to. Or, you could be getting a lot more cover for the premiums you are paying.
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Learn more about life cover in the Life Cover Adviser.com.
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