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Savings to be made on life insurance

Anyone in the market for a new life insurance policy could make savings of up to €6000 provided they shop around, according to new research by the Financial Regulator.

It discovered that there were significant variances in the cost of policies over the lifetime of the product.

The regulator advised that giving up smoking would result in the biggest reduction in life insurance premiums and said that anyone who had given up should immediately contact their insurance provider and ask them to review their policy.

The regulator also said that, if an individual’s circumstances had changed-through either switching job or having children-they should review their cover to make sure it was still adequate for their requirements.

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