Consumers looking to buy a life assurance policy should make a point of shopping around.
Market research has revealed low levels of awareness amongst the general population of the choices available to them when it comes to buying life assurance. In fact, while many people buy life assurance products from their banks, there is potentially far better value available from a broker.
That’s according to a recent market study carried out by Caledonian Life, in which significant price variations were discovered between life assurance policies purchased from banks, compared to those available from brokers.
It was found that a customer could potentially save up to €16,000 over the term of their policy by going to a broker instead of a bank.
The reason, they discovered, was simple enough.
Banks tended to only offer products from one insurer whereas brokers must consider all available product providers.
Tim Dooley, Dooley Insurance Group