Treat life insurance like car insurance and compare prices online
Not so many years ago, the internet plain didn’t exist, and customers who wanted to buy insurance policies would either go to their nearest bank, building society or post office, or those in the know would speak to financial advisors. The best insurance products were loosely compared in certain money magazines and getting the best priced quote for any sort of insurance product was a little bit of a lottery.
As the internet has grown more and more widely available, so has the ability to compare the prices of anything from car insurance to new laptops, from life insurance to new trainers and just about anything in between. The financial services industry has really seen the way they do business affected by the growth of the internet, and you can now apply for nearly every form of financial product online.
One of the most important ways in which the internet now helps us save money is in the insurance sector, and it was car insurance which really led the way. Whilst drivers may have previously just opted to keep renewing their policy year on year, the increase in the cost of car insurance, and the availability of car insurance comparison sights enabled customers to realise just how much money they could save.
One of the most obvious things that came to light was the huge disparity between the renewal quote offered by an insurer, and the prices for car insurance for new customers from both the same insurer, and other insurers as well. As a result, more and more people now compare car insurance prices online every year before buying a new policy.
One of the areas which has really learnt from this form of comparison is life insurance, and customers looking to buy life insurance, or to change their life insurance provider can now take advantage of life insurance comparison websites, which offer the exact same service.
Customers can now compare both the price and features of different life insurance policies, giving them a far more educated understanding of the different policies, and giving them a better chance of buying the right policy to protect their family. It also allows them to cut out the middle man, be it a financial or mortgage advisor, who may be pushing a certain form of insurance based on the amount of money it makes them.