A new survey on life insurance from the Irish Financial Services Regulatory Authority shows that the differences in monthly rates between providers can add up to significant savings over the term of a policy.
IFSRA says that consumers who already have life or mortgage protection insurance can switch provider at any time.
Mortgage protection insurance is a life insurance product that pays off a person's mortgage if they die. Consumers are not obliged to buy mortgage protection from their mortgage lender or broker, so IFSRA says that people should compare what other providers are offering.
Life insurance is a long term financial product and IFSRA urges consumers to think about their life insurance needs if a partner or children rely on a person's income or unpaid work. Mortgage protection will clear any outstanding mortgage when a person dies, but will not meet a family's other financial needs.
With life insurance, dependents will get a lump-sum payment if a person dies within the policy's term.
The IFSRA survey shows that smokers pay considerably more for life insurance, even at a young age. A 26-year-old male smoker will pay an average of €1,500 more over a 20 year period than a non-smoker for mortgage protection over a €250,000 mortgage.
While age is also a key factor in determining costs of life insurance, there are still savings to be made, the survey shows.
'This survey and our Life Insurance Guide can help you to make sure that you have the necessary cover in place to provide for your family if anything happens to you,' commented Consumer Director Mary O'Dea.
