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Graduates must not go for easiest option

Published: Monday, 22 October 2007   Category: Life after graduation

Young people such as graduates should shop around for their life insurance instead of settling with their mortgage broker.

That's the opinion of Sainsbury's bank, which said that young people may end up spending more than they need to by not investigating other options just because they opt for "the easiest thing to do".

Claire Moyles of Sainsbury's Bank said: "Not shopping around is a disadvantage for them because with life insurance your premiums do stay the same.

"So by not shopping around at such a young age you can be paying much more than you actually need to pay. It's very much within their best interests to shop around. The younger and healthier you are, the cheaper your premiums will be."

According to the Association of British Insurers (CBI), one in three Britons have no life insurance - and a further one in three have not renewed their life insurance cover for five years.ADNFCR-1068-ID-18325674-ADNFCR

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