In a recent article (23rd March 2015) titled 'Are you paying €3,000 too much for insurance?' the Irish Independent highlighted a recent survey by the Life Assurance Company, Royal London which found that you could pay as much as 21% more for Life Cover if you buy it through your bank rather than from a Broker. Royal London compared the the price of various life assurance policies sold by AIB, EBS Building Society, KBC Bank and Permanent TSB to those sold by brokers in Ireland and they found that significant savings could be made by shopping around.

Unfortunately banks often pressurise / rush people into signing up for policies they don't need or which are not good value or the best solution for their requirements. Every week we come across clients with level term (finite) life policies sold to them by banks whereas we would always recommend convertible term (extendable) life policies instead. Taking a 35 year old couple as an example who take out a 20 year policy. If the policy is level term, when the couple are 55 and the policy finishes they need to make a new application and provide health information etc in order to put in place a new policy to begin at age 55. On the other hand, if the policy were convertible the couple are guaranteed the option to buy the same cover again for a new term of their choosing without providing any health / medical information i.e. they are automatically given the same health rating they had 20 years ago when they were 35. Obviously this is hugely valuable and just an example of how a good Financial Advisor / Broker adds value (apart from saving you money).

If you would like further information on the above, or to discuss your Investment or Protection requirements in more detail feel free to contact us using the form below, emailing or by calling (01) 293 7200.