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It’s often tempting to view bankers negatively, especially when recalling the financial collapse during The Boom in 2008. Back then, with massive loans and inflated prices, the situation was nothing short of a disaster. While the perception of banks has somewhat improved, especially in more recent times, a different story unfolds when it comes to Life Insurance.

Consider purchasing insurance through a bank, and you might find a significant impact on your wallet. Seeking financial advice from your trusted bank, which you rely on for your wages and mortgage, may seem like a logical choice. However, the reality is more nuanced.

 

When delving into Life Insurance, banks may provide immediate coverage if you’re young and healthy. But if you have underlying health issues, the process becomes more intricate, with underwriters calculating your risk of claiming. Moreover, all banks only deal with one insurance company, potentially limiting the range of choices for the best deals.

In this scenario, turning to a broker becomes a compelling option. As a broker working with a broader network of insurers, I can offer more choices, increasing the likelihood of securing a better deal. Impartiality is a key advantage – unlike banks that work with on one insurer, brokers have the flexibility to match clients with the most suitable provider.

Especially for individuals with illnesses, a broker’s ability to find a sympathetic insurer tailored to your specific needs is invaluable. Banks, on the other hand, only offer cover from a single provider, potentially leaving you with less favourable terms.

Beyond the financial aspects, brokers often provide additional perks that banks may not disclose.

Choosing a broker ensures a transparent understanding of your policy, risks involved, and what is covered, preventing potential surprises down the line.

In terms of pricing, a simple comparison illustrates the potential savings. Take a couple age 33 good health seeking a Mortgage Protection Policy with a 30-year term and €300,000 life cover. While banks might offer only one option, a broker like us can present multiple choices, potentially saving thousands in premiums over the policy’s duration.

Most banks only deal with Irish Life. In the above example the Irish Life price is €34.63 per month while our price is €25.07 per month. That’s a savings of €3’441 over the term of the policy!

Customer service is another area where brokers shine.

Unlike the impersonal experience with banks, brokers prioritize building relationships with clients, offering direct contact and dedicated support. This contrasts starkly with the frustrating automated phone trees often encountered when dealing with banks.

In conclusion, choosing between a broker and a bank for Life Insurance involves weighing the convenience of a one-stop-shop against the benefits of more choices, personalized advice, and superior after-sales service.

Regardless of your choice, ensure trustworthiness, as both brokers and bankers can vary in their integrity. Compare policies diligently, understand terms and conditions, and choose a policy that safeguards you and your family from life’s uncertainties.

Low Cost Life Cover is an independent broker with agencies with all the major insurers Zurich, Royal London Ireland, Irish Life, Aviva and New Ireland. It is our job to provide you with the best independent advice that is the most suitable for your needs.

I’m Anthony and I have over 25 years experience working in Financial Services. I would be happy to discuss your individual needs if you have any questions give me a call 01 6853818, I’m from Donegal I love to talk!