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Charcol urges shopping around with brokers to save on life cover

Consumers could be wasting £106m a year on life insurance, claims Charcol.

The IFA says individuals miss out on savings of about £900 each over the 25-year lifetime of the average policy because they go direct to providers instead of using a broker to shop around.

Charcol has compared the costs quoted by the top lenders for 25-year term insurance cover for £100,000 for a male non-smoker aged 30 with its own best-value premiums.

The monthly premium for an Abbey National, Barclays, Lloyds TSB and Nationwide policy varies between £9.40 and £11.44. Charcol&#39s cheapest monthly premium, provided by Norwich Union, is £8.35.

The difference between the most expensive quote from Abbey National at £11.44 per month, and the Norwich Union premium available through Charcol is 27 per cent, or £927 over the policy&#39s 25 years

Charcol advises consumers to keep shopping around after they have purchased their life insurance policy as premium rates often change, with providers undercutting rivals in a bid to increase their market share.

It is now offering a free protection check to individuals to establish whether their cover is costeffective and suitable.

Financial services director Roderic Rennison says: “Up to 30 per cent of policyholders have not reviewed their life cover since first buying it. Given that premiums have reduced by up to 43 per cent in the last three years, the amount wasted could be high.”

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