A recent market study carried out by Caledonian Life, showed that consumers could save up to €16,000 over the term of their Life Assurance policy by purchasing Life Cover from a Broker as opposed to a Bank.
Consumers have become more price conscious in recent years resulting in greater competition and increased efficiencies amongst many Life Companies.
This has resulted in significant price decreases in the cost of Life Cover. However, recent market analysis highlights the fact that some consumers may not be aware of the fact that Banks generally tend to offer products from only one insurer, whereas Brokers have access to multiple product providers.
The survey revealed a staggering price differential of up to €16,000 between the most expensive Bank offering and the best price a Broker can source for a client on the market.
Brokers have access to multiple product providers and are obliged by regulation to offer their clients the best product and price to meet their needs.
Irish Insurers have tailored their products for a more price conscious consumer and have revamped their policies, in terms of product and price.
As the Irish public adapts to these financially challenging times, cost savings are now paramount to every household budget and analysis shows that an average of €7,700 can be saved over the term of a life assurance policy if purchased from a Broker rather than a Bank.
This saving could even be the deciding factor for an individual when considering whether or not to take out Life Cover in the first instance.
A typical Irish household could save between €600 and €17,000 on a Life insurance policy over a term of 20-30 years by simply engaging the professional expertise of a Broker when purchasing cover.
As budgets tighten and consumers become more inclined to shop around, many people are seeking professional financial advice to review the cover they have and to look for potential areas for cost reduction. .