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11 May, 2018

Top Tips – How to Save Money on Life Insurance!

Life Insurance Switching

Can Help Save you Thousands in the Long Run.

It is very reassuring to know that if something were to happen to us in the future or our loved one that our family would be financially protected. It is very important to have some sort of plan in place.

If you have already life insurance you should re-assess your long term policy to make big savings.

Statistics from the National Consumer Agency (NCA) confirm that switching life insurance and mortgage protection are very low.

People can feel intimidated about swapping when they are unsure about the product or service that is being provided.

Yet research shows that a couple could save nearly €5,700 over the lifetime of a dual term life insurance policy and almost €3,900 on a joint mortgage protection policy for a couple simply by switching.

As an example, a 33-year-old non-smoker could get mortgage protection cover of €250,000 over 25 years for around €15 and €20 a month, or term life insurance policy on the same terms for €20 and €23 a month. Whole of life cover, which is much more expensive, would cost this person between €160 and €220 a month.

These are long-term policies so what might seem like small differences in monthly premiums can result in a large saving over the term of the policy. A difference in a monthly premium of €2.79 for a 23-year-old non-smoker seeking term-life insurance cover over 35 years yields a €1,171 saving over the policy term.

How to switch life insurance and mortgage protection

Step 1

Review your current mortgage protection or life insurance policy and see if you need to adjust it to either increase or reduce cover depending on how your circumstances have changed or evolved since you first took out the cover. If you just need a ‘replica’ policy, then go online and obtain some quotes or make some calls to brokers or firms directly. If you do need to change or upgrade your policy, it probably makes sense to talk to a broker or financial advisor first to make sure your cover is appropriate. He or she could also arrange the new cover for you.

Step 2

Once you know what you need, contact a broker or insurance firm directly to arrange the new cover. This process should take about 30 mins, but sometimes, depending on your circumstances, you might be asked to go for a medical or provide new information, which might add a couple of weeks to the process.

So if you are interested in talking to one of our experts at Oomph, contact us today. We will provide you with the best options in the market today and help you save lots of money.