Different insurance policies should match the individual circumstances of the policyholder, it has been claimed.
A spokesperson for the Association of British Insurers, Jonathan French, argued that when choosing cover, the most important thing to do is find a policy that offers the protection an individual needs.
"There is going to be an appropriate product out there for any particular set of circumstances. And the most important thing is to make sure that the individual matches his or her circumstances to the right policy," said Mr French.
His comments come in relation to choosing a
life insurance policy. He noted that there are two common types of life cover - a level term offer and decreasing sum cover.
Level sum insurance means that a fixed amount of cover is provided for the duration of the policy, whereas decreasing sum cover is more commonly used to protect such things as mortgages as more gets paid off each year, less protection is needed as time goes by.
InsureandGo can help individuals to find the right
life insurance policy for them.