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CFA says it pays to shop around

WASHINGTON - A Consumer Federation of America survey finds that of the Web sites that sell life insurance,75% do not show the least expensive coverage and 40% were somewhat misleading. According to the CFA, the most misleading part of Internet shopping, is that sites claiming to provide the lowest-cost insurance...

By Staff Writer | Updated on August 07, 2001

WASHINGTON – A Consumer Federation of America survey finds that of the Web sites that sell life insurance,75% do not show the least expensive coverage and 40% were somewhat misleading. According to the CFA, the most misleading part of Internet shopping, is that sites claiming to provide the lowest-cost insurance actually offer only choices among companies that pay them commissions. The sites usually do not include prices from low-cost companies that do not pay commissions. “People need to know that just because they’re going on the Web doesn’t mean they’re getting accurate or unbiased information,” said CFA Director of Insurance J. Robert Hunter. The survey advises consumers to shop around and compare prices. High marks went to such sites as Insweb.com, NetQuote.com, Quicken.com, Quotesmith.com, Youdecide.com and Term4sale.com.

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