Consumers should regularly review their
life insurance to ensure the policy is representative of their circumstances, an expert has emphasised.
Recent figures indicated that sales of
life insurance rose in the second quarter of 2010, but it is thought that some customers may be under the impression that the initial cover would not require changing once purchased.
However, Matthew Lloyd, who is head of
life insurance at Confused.com, explained that making a claim on such a policy could be problematic if the cover is not suited to their current circumstances.
Mr Lloyd advised consumers to review and modify their insurance policy when there are significant changes in their life, such as marriage, divorce or having children.
According to recent research by the group, just 30 per cent of those with
life insurance said they had switched providers to ensure they had the best policy for their specific situation.
"The fact that so few people with
life insurance have ever switched provider suggests that they may not be reviewing it, making regularly monthly payments and forgetting about it," Mr Lloyd said.
