Are You Overpaying for Your Life Assurance?

Financial Wellness is a popular topic these days and rightly so as your financial wellness can have a big impact on your overall wellness.

If you want to see where you might save money, one place you are very likely to find waste is in the premia you are paying for your life assurance products. It’s great to have good cover as this will be your safety harness when things go wrong, but the cost of life assurance differs dramatically depending on where you buy it and many people overpay due to inertia.

In Ireland if you have a mortgage you are required to have mortgage protection, so our coverage (for mortgage protection) is very good. The problem is that around 70% of people buy their mortgage protection at the same time they are getting their mortgage, and as a result they often overpay by a substantial amount.

Only yesterday I was doing a mortgage protection quote for a couple, mid-forties, both non-smokers. The term of their mortgage was 25 years and the difference between the most expensive and the cheapest quote was €62.07 per month. Had they taken it out when arranging their mortgage they would have paid the higher amount; this would have cost them €18,621 extra over the life of the policy.

That’s a pretty staggering fact. Potentially 70% of mortgage clients are throwing away money by taking their mortgage protection policy when arranging their mortgage.

Some people think that deciding how much life cover you need is guesswork – nothing could be further than the truth. At Highfield Financial Planning we can show you how we calculate your actual life cover needs based on your personal and financial circumstances. The fact is that while mortgage protection cover is great in Ireland, most people have far too little Family Protection cover. If you undertake a review of your policies and needs, you may find that you can increase your cover substantially without paying much extra in premia.

If you are interested in taking out a new policy or saving money on your existing policy, you can check the cost at our sister websites;

Alternatively if you would like to discuss your protection needs please contact us on 01 546 1100, by email to [email protected] or use the Live Chat facility in the bottom right corner of the screen.

The material and information contained on this website is for general information purposes only. Neither the writer nor Highfield Financial Planning Ltd makes any warranty as to the completeness, accuracy or reliability of the information or the suitability or availability of products or services, referred to on the website, for any purpose. You should not rely on any information contained on this website as a basis for making any financial, legal, taxation or other decision.

© Highfield Financial Planning 14 January 2020

One thought on “Are You Overpaying for Your Life Assurance?

Leave a Reply

Your email address will not be published.

Ready to get started?

To start making plans to secure your financial future, please get in touch by phone or email, or using this contact form.

    © Highfield Financial Planning 2021