Be Smart, Beware the Allure of Price Comparison Sites

 In Fuse blogs

Let’s be honest, hunting down the best Life Insurance policy for you can be difficult.

You really want to get covered, but you don’t want to spend hours going from website to website, policy to policy, reading through lines of terms you only half understand. So how great is it then that a bunch of websites exist that can bring together a massive list of insurers and spell out their policies in plain English. However, price comparison sites aren’t always all they’re cracked up to be and you could be losing money rather than saving it.

Price comparison site Comparethemarket.com could soon be found to have broken competition law. The Competition and Markets Authority found what are known as “most favoured nation” clauses in their contracts with the insurers. This stops them from offering lower prices on rival websites. Now this doesn’t sound too bad for the customer if they are offering their lowest price, but it could deny customers a better offer elsewhere, driving up their premiums overall.

This then knocks on to the all too common price-hike consumers suffer when trying to renew their insurance. Now this not something that typically happens with Life Insurance policies as they are fixed to one premium over a set amount of years. However, if like many, you have multiple insurance policies, a sudden rise in premiums because the low price you had before is only available to new customers, can put a sudden squeeze on your finances.

Then there’s the issue of price comparison sites emphasis on low prices. Low numbers will always appeal to the consumer, but there’s no point going for that low, low premium if the policy is going to cover less than even the basics. The simplification of language and good marketing can make very bare policies seem more comprehensive then they are and you could miss out on the specialised coverage you need.

Get the Best Cover For You

By reading this blog here at fuseassurance.com, you’ve already won half the battle by finding us on our own site. Here our friendly advisers can talk you through the policies we offer to make sure you get everything you need from your Life Insurance policy. Or maybe you need something else? Mortgage Protection? Health Insurance? Over 50s Cover? Its all here. So, click the button below for your free, no-obligation quote today. Then, when you’ve done that, let your friends and family know that to get their best policy, forget the price comparison sites and come directly to us.

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