You have a choice of three when it comes to finding the best online offer on life insurance cover in Ireland.
In this article I’ll go through each one for you listing the advantages and disadvantages of each.
Advantages:
A knowledgeable broker can explain in plain English the pitfalls to avoid when arranging cover. He or she will know the pros and cons of each insurer.
You can get quotes, compare policies and even apply online. Arranging cover from home avoids the need to take time out from your busy schedule to set up a boring sales meeting.
Life insurance companies prefer to deal with brokers so offer exclusive discounts you won’t find if you go direct to the insurer or through a bank,
TIP : If you decide to use a broker, find one who deals with all 6 insurers. All the insurers offer different benefits. If you use a broker who deals with less than 6 companies, you might not get the right fit for your situation.
Did you know 123 dot ie can only sell Irish Life products?
Disadvantages:
As in every industry, there are good brokers and bad brokers. Some are driven by customer experience, others by commission. Do your homework before choosing a broker. Don’t get sucked in by marketing campaigns. Google is your friend, do a search, take your time and choose wisely.
Alternatively, ask a friend who has had a good experience with a life insurance broker.
Advantages:
If you’re not comfortable buying online then the bank is an alternative option. You can set up a meeting with the bank manager and he can sell you some life insurance. But be careful you don’t leave with a car loan and a credit card too!
It’s uncommon but you may have a good relationship with your bank manager. Trust is vitally important when it comes to life insurance.
Disadvantages
An Irish bank can sell insurance from one company only.
Because they can only sell one product, they cannot advice on insurance from other companies.
If you want access to products from Aviva, Friends First, Royal London or Zurich Life, don’t use a bank.
When it comes to serious illness cover, Royal London and Zurich are streets ahead. You cannot access their products through a bank.
Banks can’t guarantee the best offer on life insurance because they don’t deal with all the insurers
e.g if Zurich Life are running discounts, the banks won’t have access to those discounts.
Let’s say the bank’s underwriters declines you. What happens then? The bank doesn’t have another insurance company to turn to so you’ll end up using a broker.
Bankers have targets, they must sell a certain amount and type of life insurance. Be ready for the sales pitch before you go in.
The advantages and disadvantages of buying from an insurer and a bank are similar.
I guess the only advantage an insurance company offers is “bundling”. Some people trust a certain insurer for their car insurance so they bundle in their health and life insurance too.
Personally I think this is nuts. You should buy each policy separately based on benefits and price.
Bundling is rarely if ever a good idea.
I hope that helps, as you can see there are pros and cons to buying from a broker, bank or direct. Everyone is different. Do some research, follow your gut and you’ll find the best offer on life insurance that suits you and your pocket. If you’re lost when it comes to the whole of life cover, have a look at the different types that could suit you.
I’m here to help you make the right decision so if you have a question, get in touch and I’ll help as best I can.
Nick McGowan
lion.ie | making life insurance easier
As Ireland's leading independent insurance broker, we specialise in comparing the rates and policies from the top five Irish life insurance providers and offering the very best value quotes to suit the individual needs of our clients. Our expertise lies in finding a suitable insurance plan for those with specific needs, be it a particular illness, occupation or claim history, we've got you covered in every sense!
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