Which! the consumer magazine has recently branded life insurance products from Tesco and Virgin Money 'at best average and at worst distinctly bad value'. The magazine examined life insurance products from –

• Sainsbury's
• Marks & Spencers
• Asda
• Virgin Money
• Tesco

Sainsbury's was found to be the cheapest and as the opening quote states Which! magazine was unimpressed with both the Tesco and Virgin products. The consumer magazine also warned that buying products such as life insurance from supermarkets means that no advice will be offered. This in turn means the consumer will have no recourse to the Financial Ombudsman if the policy proves to be unsuitable.

Summary

Many large companies believe that their brand name is strong enough to suggest that anything and everything they sell is good value. But as Which! Has shown this is clearly not the case with the supermarkets.

This is not to say however that all financial products offered by these retailers are bad. They also sell many other financial products such as loans, insurance and even mortgages. But researching before you buy is the key point to get the best financial product at the right price.

List of Life Insurance providers