Latest life insurance survey shows potential savings of €5,600
We have just published our latest life insurance comparison survey which shows that taking time to research the best cover could result in big savings for you. The survey looked at four different profiles and found differences of up to €5,687 on dual term life insurance and €3,881 on mortgage protection over the lifetime of the policies.
Small differences in monthly premiums really add up
Our survey found large savings across all profiles. Life insurance policies are long term so what appears to be a small difference in monthly premiums can result in a large saving over the term of the policy. For example, a difference in a monthly premium of €2.79 for a 23-year-old non-smoker seeking term-life insurance cover over 35 years results in a saving of €1,171 over the policy term.
Smokers paying on average 85% more than non-smokers
Our survey found that on average smokers pay 85% more than non-smokers for term life and mortgage protection insurance. This means that if you give up smoking, after 12 months, you may be entitled to a reduction in your premium. Talk to your insurance broker/provider to find out more.
Reviewing your policy?
It is important to review your life insurance every so often, especially when your situation changes, for instance getting married or having a child. If you are a first time buyer we have lots of information when choosing term life insurance or mortgage protection.
If you are making changes to your mortgage, for example a payment break, make sure you let your insurer know in writing as your existing policy may need to be changed to ensure you have sufficient cover. Remember, your insurer will not be automatically aware of changes.
Published Date: 27/02/2014