Life insurance premiums contribute to lifetime spend

Fri, 16 Nov 2007

A new study conducted by price comparison website comparethemarket.com indicates that average UK consumers pay £90,077 in insurance premiums over the course of their lifetimes. Life insurance premiums account for a significant part of many individual’s spend.

The study took into account all the different types of life insurance on the market, including esoteric insurance policies such as wedding insurance. The firm concluded that the average figure will reach six figures over the next year.

The major source of insurance premium spend were a ‘big four’ of home insurance, car insurance, travel insurance and life insurance . Consumers were found to spend the most on car insurance, with home insurance a close second. Life insurance was the third highest in the table, with an average spend of £30 per consumer.

A spokesperson for the insurance price comparison site, Mark Vile, reportedly commented: "Whilst the need for cover is imperative, most people will be shocked by just how much we shell out on insurance . However, it is now so easy to compare insurance cover and prices and find affordable deals, we are confident we can save the average person a fortune over the course of their lifetime."
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