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Research has revealed that one in twenty Brits lie on their application for life insurance in order to get a cheaper rate.
The research was conducted by Friend’s Provident who revealed that only 10 per cent admit to lying on their form, although the figure can be realistically rounded up due to reluctance to admit cheating. However, 90 per cent of people did insist they told the truth and over half of those questioned thought that liars should have their policy invalidated.
Mark Jones, protection products and actuarial manager at Friends Provident, said: "It's good to see many people recognise the importance of advice when buying insurance, and they take the time to answer all questions truthfully when applying for insurance.
"The insurance business is here to provide peace of mind and is not just about collecting premiums and paying valid claims."
"It's important people read the terms and conditions before they sign up," added Mr Jones.
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