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Checking life insurance 'important'

With the lives of modern consumers becoming ever-more complex, a life insurance specialist has urged people to consider all their circumstances when checking their policies.Life Direct, a website that offers brokered life insurance products at discounted prices, said that a worrying number of people were risking invalidating their insurance by failing to inform their insurer about changes to their circumstances, such as moving house or having children.According to research from the Association of British Insurers, one third of Brits have not updated their life insurance cover in the last five years, and Kieran Platt, director of Life Direct, warned that people who do not regularly check their policy could be left dangerously underinsured. "When you've got a change in circumstances…you've more than likely got a change in need for the level of life cover that you've got. It's important to make sure that you've got your family protected," he said."The cost of life cover has been reducing a lot over the last few years - so it may be that they can cover their new circumstances and not be paying much more."According to protection specialist LifeSearch, life insurance customers worried about their premiums rising as a result of changed circumstances should make sure they shop around for the best value product, switching insurer if necessary.

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