Life Insurance are up to 35% more expensive if purchased from banks

Insurance companies offer better rates than banks when hiring a Life Risk Insurance. It's a trend that can be seen for some time and that a study by Global Actuarial INESE and confirmed once again using the technique of "mystery shopping" or mystery shopper. The result of this study confirms that the Life Insurance Risk banks are selling between 30% and 35% more expensive than the same policies sold by insurance companies and brokers.

Life Insurance insurers are significantly cheaper for customers of all ages and in all sections of capital. To reach this conclusion, we analyzed the offer Life Insurance Risk of 27 banks and insurance companies to potential customers that correspond to four profiles of a certain age and insured capital of 30,000 euros, 120,000 euros and 200,000 euros.

Life insurance can be 42% cheaper if purchased from insurers

The study authors argue that the differences between insurers and banks have increased in recent months, with reductions in some cases exceeding 42% analyzed. For example, with reference Life Insurance Risk, including coverage of death and permanent disability, and with an insured sum of 120,000 euros, the authors of the study indicate significant savings in premiums for customers who come to mediators and insurers .

Thus, a 30-year contract this policy with an insurance company can save 42.1% price premium. The bank will apply a fee of 269.22 euros compared to 155.77 euros of insurance. We talk about 113 euros apart.

We may seem little money although this figure rises up as the age of customers. Thus, if the potential insured is 40 and wants Life Insurance Risk above, you would find that a financial institution would charge EUR 443.24 premium for the policy compared to 289.87 euros premium that would in an insurance company. In this case, the savings is 153.37 euros, 34.6%.

The older it is the customer, the difference in euro becomes more important, so that a person of 50 years looking for a Risk Insurance Life to cover death and permanent disability and 120,000 euros in insurance, will not get the bank will recess 1,000 euros bonus. Specifically, this insurance has a premium of 1,113.17 euros in banks. The same insurance with the same customer, but in an insurance contract is offered for 747.45 euros. It is a cheaper price 365.72 euros, representing a discount of 32.9% compared to what they ask in the bank for the same policy.

Save on Life Insurance is in your hands: the bank can not force

Banks have long been selling Life Insurance, which is often associated with other financial products, such as mortgages. In exchange for better conditions on the loan, banks ask us debts, payroll and also the insurance. In addition, the bank may ask us to have a life insurance as a condition of the loan.

However, the bank can not force anyone to hire your Life Insurance, as consumers may contract the life insurance policy or any other outside the financial institution that gives us the mortgage, to benefit from better prices.

In this regard, we note that banks usually subsidize the mortgage terms for hiring their policies. If Life Insurance contracts outside the entity, the loan conditions are likely to worsen. Therefore, it is necessary to compare prices and calculate if you are interested that mortgage or which option is best for you.

In these situations, it is our comparator insurance online where you can hire a life insurance coverage you need at the most interesting price very useful. Also, you have the support of advisers Turboseguros.com, you may advise on the options that best fit your situation.