The Life Insurance Market Continues to Evolve

Friday, March 19, 2010

Recent years have seen dramatic changes to the life insurance market. Now, even the supermarkets are getting in on the act, offering a full range of insurance products. Furthermore, these organisations have the marketing spend to showcase their products across all advertising media. Other sectors are also looking to claim a stake of the life insurance market, most notably, those in the telecoms space. One-stop-shops seem to be the new model.

The interesting point to note is that the non-traditional insurance companies, such as the supermarkets and mobile phone network providers are offering very competitive deals and do not seem to have suffered by joining the insurance market later in the day.


Switching life Insurance

Life insurance policyholders who take the time out to properly research the market are likely to switch their insurance provision and with so many more policies available to choose from, this pattern is rising. As premiums increase as the policy holder gets older, the temptation to take advantage of the latest insurance deal becomes more attractive and with a much larger market, customer loyalty is becoming a great deal more fluid.

As more and more companies and sectors start to join the insurance market, the consumer appears set to win. As one would expect, the more like-for-like products on the market, the greater the competition and subsequently, the lower the price. The consumer, however, must be sure to look at the small print of any policy they opt for. Cheaper, no frills life insurance policies might look attractive due to their price, but it is essential that the buyer ensures that they are paying for the insurance coverage they and their families actually require.


Stephanie Braithwaite