Deciding on how much life insurance you need to take out and the type of policy that you need is hard enough as it is, after all you are facing the fact that this would be paid out should you die. Recently the Financial Services Authority has been looking into the financial sector and life insurance is just one of them.
The Financial Services Authority is the regulator for all financial service providers in the UK and looks out for the consumer when it comes to buying products. Recent findings have shown that when it comes to life insurance consumers dont get enough information about this type of cover and cant always make the best choice when it comes to buying their policy.
One of the main problems when it comes to buying insurance is that the consumer doesnt understand what a policy involves and what it covers. The with-profits policy can be particularly confusing; this type of policy is a combination of cover and investment, in this case the holder of the policy benefits and so does the insurance company. This type of insurance is particularly attractive to the younger people as you gain benefits over the years.
However while it is a very popular...
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