Switching insurance 'may prove sensible' to pension holders

It could prove sensible for people in retirement and other consumers to change to a more cost-effective insurance provider, it is suggested.

Equifax's External Affairs Director Neil Munroe has highlighted the competitive nature of the current market for insurance products.

However, he has also warned people to be cautious if they are looking to opt for a different firm.

The expert went on to say: "People must make sure when they are switching that if they go cheaper, they don't lose a benefit they might not have used but in future cases may be quite critical."

Mr Munroe added that home insurance customers may notably need to take into account factors such as flooding more in the future.

Meanwhile, householders who are in retirement may also be interested to hear that the Nottingham Building Society's Branch Network Head Lorraine Giddings has recently noted how important home insurance can be.

Posted by Liam Tomlinson.