Singles pay more for insurance
Experts say that being insured as a couple can be a lot cheaper than going it alone.
Figures from life assurance company Caledonian Life show that couples who take out life assurance policies together rather than individually can save between €30 to €130 on their premiums a year, which can equate to thousands of euro over the lifetime of their policy.
Ross Bloomfield of Caledonian Life said: “Many people are unaware of the savings that can be made. For those couples considering their financial future together, this is a particularly valuable lesson to learn. It could give them substantial savings on their annual premiums and save them thousands in the long run.”
Insurance specialist with www.getcover.ie, Fiona Butler, said couples can also save more than 30% on some travel policies when they combine.
“We would recommend this to all of our clients as you can still travel individually on these policies.”
With regard to motor insurance, depending on the car and the type of licenses the couple have, they would nearly always get a more competitive quote by putting both names on the insurance, Ms Butler said.
“Insurers would look at couples co-habiting or married as lower risk due to this showing maturity and hence there would then be less claims.
“Whilst health insurance does not provide couples with a discounted premium, they still can save on insurance by grouping all of their different insurances together with the one company.”
With life assurance for a couple comprising of a male aged 35 and a female aged 32, both non-smokers to take out a policy of €300,000 over 30 years, the annual premium for a dual life policy would be €48 a year less or €1,440 over the term than if the couple took out two separate policies.
For a same aged couple but both smokers, to take out a policy of €300,000 over 30 years the annual premiums for a dual life policy would be €64 cheaper per annum (€1,920 over the term of the policy) than if the couple were to take out separate policies.
“We are encouraging people to review their premiums to ensure they and their partner are getting the best value for money and the most suitable policy for their individual situation.”
