As the recession begins to peak it is clear that many people have been looking at ways to reduce their monthly expenses. Consumers are increasingly taking out life insurance and income protection cover as concerns over the economic climate and its potential effect take hold among people in the UK.
There are many life insurance websites on the internet and the number seems to grow each year. Many of these websites are now designed not to offer a customer an instant quote but to take the customers details so that they can be sold on to another company.
This has been highlighted by such a company, which has stated that it has provided more than 30,000 life insurance and income protection leads in the first six months of 2009 alone.
According to the company, the leads are generated seconds after people search on the internet for advice about protection and submit their information to be contacted.
"Since the start of 2009 the demand for protection leads has increased dramatically as more and more adviser firms have diversified away from mortgages and into new areas," explained head of marketing. "At the same time, an increasing number of consumers are searching online for advice about protection products as they worry about the state of the economy and how this will affect them and their loved ones." Of the leads that are bought by buyers, between 20 per cent and 30 per cent are converted into sales, the firm said.
These figures show the need for consumers to be careful when searching the internet for life insurance and protection quotations. It is increasingly difficult to tell when you put your personal details into a website offering instant quotes if you will actual get what you want or have your details sold on. One way of checking if you are dealing with a company that can provide quotes online is to check to see if they have a FSA number. Typically a website that provides life insurance quotes will display the statement "which is authorised and regulated by the Financial Services Authority" at the bottom of each of the sites pages.
Alternatively you can speak to an independent financial advisor and there are many of these online in todays world. This means that you can get advice from a firm that you have chosen and not from a company that has paid for your details that you have never heard of.
There is nothing wrong with shopping around for the best life insurance premiums, it is however important not to take the first price you are offered and get figures from at least three different sources.
