Free TVs offered in life insurance price war
AN intense price war among life companies has resulted in a new round of cuts in premiums for life insurance and mortgage protection.
Zurich Life has cut some of its life insurance premiums by up to 10pc.
So competitive has the market become that brokers are now offering free televisions, free life cover for a year, and offering to pay €250 worth of heating bills.
Life insurers are competing harder to win business because people are no longer investing in pensions and investments due to the economic downturn.
Insurance brokers said yesterday premiums on life insurance and mortgage protection policies had fallen by up to 25pc in the past two years.
Brokerage SmartQuotes.ie is offering cover free to new parents for a year, for a maximum cover level of €50,000.
Dublin-based First Credit Assurance is offering to pay the next €250 of a family's household gas or electricity bill when they switch life insurance policies through it. Alternatively, it is also giving away a free television with the first 1,000 life policies that are signed up.