Sainsburys Life Insurance Say Shop Around, (but that they are the cheapest!): Yesterday saw some fantastic news for people considering insuring their life as Sainsburys Life Insurance revealed their research pointing to savings of up to 66% if consumers shop around for cover. The difference between the most expensive life insurer and the cheapest that they checked was as much as £8.36 a month. This equates to a total of £1,505 overpaid on a 15 year policy and £2,508 overpaid on a 25 year policy.
The research was performed by MoneyFacts for Sainsburys and they tracked the rates across the market for various insurable profile types. This would, therefore, most likely not include the extra cost that financial lenders impose on life insurance premiums if you purchase such along side one of their mortgage products. A few years ago Direct Line released their research that pointed to a 30% difference between the price of a mortgage provider's attached cover and sourcing a life insurance provider yourself.
Of course, Sainsburys gets to point out such information without fear of reprisal with them being named Most Competitive Term Assurance Direct Provider for 2006. Something they can brag about for some time with the next awards not scheduled until September this year. †
NCD News: Sainsburys Life Insurance - 20.06.07
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