LIFE INSURANCE customers can make significant savings in premiums over the life of their policy by shopping around for the best value product on the market, according to a cost survey by the Financial Regulator.
For example, two 30-year-old smokers could save more than €9,800 over the life of their policy, the survey shows. The calculation is based on a €320,000 dual policy over 30 years.
Male smokers pay about double the premium paid by non-smoking males, while the mark-up for female smokers is slightly lower. However, consumers in all categories can make big savings by opting for good value. The premiums charged for term life insurance and mortgage protection insurance by 10 leading insurance companies were examined in the survey, which uncovered significant price variations, particularly for joint and dual policies.
Joint life policies end if a payout is made on the death of one policyholder; dual policies remain in force even after a payout on the death of one of the policyholders.
The cheapest quotes for a clear majority of policy categories, but especially for smokers and younger customers, came from Danica Life.
