Shopping around on life insurance deals could save €10,000
FAMILIES can save nearly €10,000 on life insurance by shopping around for the most competitive deal.
A survey from the National Consumer Agency (NCA) shows massive differences in costs between insurers.
And an expert in the field said anyone who bought life insurance or mortgage protection insurance in the past five years would get it cheaper if they shopped around.
A savage price war between insurers and a dramatic fall in life insurance rates as people live longer mean that insurance has become much cheaper.
The NCA said householders could save up to €9,297 on life insurance over a 25-year term.
Savings of €6,392 over 35 years are possible on mortgage protection polices by buying the best value policy for a 27-year-old couple who both smoke.
Independent adviser John Geraghty of LABrokers.ie said now was a great time to change insurer, as four firms were promising to match competitors' prices.
Irish Life, New Ireland, Friends First and Caledonian Life have pledged to match their rivals on premium prices. He added that Zurich Life was not offering a price pledge -- but was the cheapest in the market.
Aviva is set to launch a new term assurance product next week -- and is expected to price pledge as well.
Life and mortgage protection policies usually get more expensive as the person ages, not cheaper.
Chief executive Ann Fitzgerald of the NCA said: "We would advise consumers . . . that a difference of just a few euro in their monthly premiums adds up to a significant amount over 20 or 30 years."