Yet 87% of people are put off getting life insurance because they perceive it to be too expensive while 76% believe providers are not transparent with their offerings.
Premiums for life insurance can vary according to the provider with customers paying up to 67% more than others, but receiving very similar cover. A 30-year-old, non-smoker with 30-year level term life insurance worth £100,000 can pay between £9.23 and £5.35 per month depending on the provider.
Matthew Gledhill, managing director of Beagle Street, commented:
“The life insurance industry has been slow to adapt to the online revolution, but just as companies have used the Internet to slash the cost of services from air travel to accommodation, Beagle Street is using technology to remove unnecessary costs from life insurance. We’ve eliminated middlemen, medicals and meetings for example, which has meant passing on savings to customers who pay 30% cheaper premiums on average.”
