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News : Irish Last Updated: May 25, 2011 - 6:44 AM

Irish life insurance/ assurance cost comparison survey reveals potential savings of almost €9,600
By Finfacts Team
May 24, 2011 - 3:39 PM

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The latest life insurance/ assurance cost comparison survey published today by the National Consumer Agency (NCA) shows that considerable savings can be made by shopping around between insurance providers. The survey found savings, over the lifetime of policies, of up to €8,385 for dual life term cover and up to €9,600 for mortgage protection cover.

The NCA’s survey examined the cost of term-life and mortgage protection cover against a range of different consumer profiles. Commenting on the cost comparison, Maria Hurley, director of research at the NCA remarked: “Based on the profiles used in our survey, considerable savings running into hundreds of euro per year and thousands over the lifetime of policies could be made simply on the basis of choosing the most competitive policy. While every consumer is different, the message is clear from all of the examples in our survey that it can pay handsomely to shop around."

Hurley added: “Alongside the easy savings associated with simply seeking a few competitive quotes, our survey also identified that smokers can also achieve thousands of euros in long term savings if they successfully kick the habit. So if you have stayed off cigarettes for at least a year, talk to your insurance provider about reductions to your premium.”

The largest savings between providers in this survey were:

Term Life Cover:

  • Savings of €8,385 for dual term life cover of €260,000 for two smokers aged 35 over 25 years (€335 saving per year);

  • Savings of €3,956 for dual term life cover of €380,000 for two non-smokers aged 28 over 35 years (€113 saving per year).

Mortgage Protection Cover:

  • Savings of €9,576 for joint mortgage protection cover of €380,000 for two smokers aged 28 over 35 years (€274 saving per year);

  • Savings of €4,410 for joint mortgage protection cover of €380,000 for two non-smokers aged 28 over 35 years (€126 saving per year).

For smokers who quit:

  • Savings of €8,834 for term life cover of €150,000 for a male, aged 47 over 15 years (€589 saving per year);

  • Savings of €10,874 for term life cover of €380,00 for a female, aged 28 over 35 years (€311 savings per year).

Hurley continued: “Life insurance is purchased as a long-term product, unlike many other types of insurance that are renewed every year. For this reason, it is very important to put in the effort to shop around for the best premium up front, as the savings will accrue to you over the life of your policy. Bear in mind too, though, that your life cover needs may change as a result of important life events such as getting married or having a child, so you should review your insurance if your circumstances change.

If you are changing life insurance policy, remember you may be required to take a medical. And if you do switch to a new life or mortgage protection policy, you’ll need to cancel your old policy in writing. However, you should not cancel until the new policy is in place."

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© Copyright 2011 by Finfacts.com

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