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The rates applied by banks to their term life products are significantly higher than those offered by insurance companies, according to the 2017 comparative study of term life insurance premiums prepared by INESE and Global Actuarial.
Let’s look at a specific example
For a policy with death and absolute permanent disability cover and a sum insured of 120,000 euros, the average premium is 48.26% higher through banks than through insurers.
Where are the largest demographic differences?
This comparative study of life insurance policies, carried out using mystery shopping methodology, shows that the largest differences appear among younger client profiles.
For example, for the same 120,000 euro sum insured, a 30-year-old client could save an average of up to 60.2% by taking out term life cover with an insurance company rather than through a bancassurance provider.
Study conclusions
Across all ages analysed, the price applied by insurers is considerably lower. Even in the oldest profile, a potential insured aged 50 would pay 43.8% more if choosing a bank rather than an insurance company.
More information about this study is available on the INESE website.[/vc_column_text][/vc_column][/vc_row]