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UK consumers could save £900 on life cover says Charcol

UK consumers could be wasting as much as £106m a year by not shopping around for the best rate on their life cover according to Charcol.

By using an IFA to track down the best value rate rather than going direct, individuals can save as much as £900 each over the lifetime of a policy Charcol says.

Research from Charcol shows the most expensive rate for a 30 year old male non-smoker looking to insure himself for £100,000 over a 25 year period is from Abbey National at a cost of £11.44 a month.

This is 27 per cent more expensive and costs £927 more over the 25 year term than the cheapest rate when going through Charcol which is from Norwich Union and costs £8.69 a month.

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