Banks charge higher average rates for Life Assurance than insurance companies

    Tuesday, 15 April, 2014

    This is the conclusion of research recently conducted by GLOBAL ACTUARIAL and INESE through mystery shoppers who contacted 28 insurance companies and banks that sell insurance in Spain.

    They analysed the premiums and cover for Life Assurance sold by banks and insurance companies. The reference point they used for comparison was life and total disablement cover for three customer profiles based on their age (30 years old, 40 years old and 50 years old) when taking out the policy, with insured sums of €30,000 and €120,000. The results notably showed "that Life Assurance rates charged by financial institutions are significantly higher at all ages and at all levels of insured sums than those charged by insurance companies".

    Although there are differences between banks, their rates can be more than 30% higher. In other words, products sold by banks are as much as 30% more expensive than the same products from an insurance company.

    This study again confirms the importance of finding the insurance policy that best suits your situation. Protecting your family, making sure they can keep their home, paying for your children's education, etc. are the most important motivations for taking out life insurance. An insurance broker can advise you and compare the products available in the market independently and transparently. Our teams of experts will advise you and help you find the solution that meets your expectations regarding the insurance's cover and price. You can also ask for an online quote through our web page.

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