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Shop around for life insurance - survey
Wednesday, June 15 12:11:17
(BizWorld)
Consumers could saving considerably on life or mortgage protection insurance
premiums by shopping around, according to a survey by the Financial
Regulator.
The survey shows the monthly costs for term life and mortgage protection
insurance for the main providers in the market.
The differences in monthly rates between providers can add up to significant
savings over the term of a policy, the regulator said. Consumers who already
have life or mortgage protection insurance can switch provider at any time.
For example, a 36-year old female could pay as little as E21 per month for
life insurance of E250,000 over 20 years.
The survey shows that smokers pay considerably more for life insurance, even
at a young age, but that there are still significant savings to be made if
smokers shop around.
A 26-year old male smoker will pay an average of E1,500 more over a 20-year
period than a non-smoker for mortgage protection on a E250,000 mortgage but
smokers can save between E800 and E7,000 on the same basis if they research
the market.
The survey also shows that while age is a key factor in determining cost for
life insurance, there are still savings to be made A couple aged 54 and 55
years who are remortaging and buying joint mortgage protection insurance
could save over E1,300 over the term of their 10-year policy.
Consumer director Mary O'Dea said that while everyone who takes out a
mortgage must have mortgage protection insurance, "you are not obliged to
buy mortgage protection from your mortgage lender or broker, so compare what
other providers are offering".
Consumers should think about life insurance needs if their partner or
children rely on their income or unpaid work, said O'Dea.
"If you have mortgage protection, this will clear your outstanding mortgage
if you die, but will not meet your family's other financial needs. With life
insurance, your dependants will get a lump-sum payment in you die within the
term."
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