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Banks charge higher average rates for Life Insurance than insurers


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Published on Wed, 04/12/2024

This is the result of a study recently carried out by GLOBAL ACTUARIAL and INESE using the "mystery shopping" technique among 28 insurance and banking insurance companies in Spain. The premiums and coverage of Life Insurance marketed by banks and insurance companies have been analysed. As a reference, the death and absolute disability coverage for three customer profiles based on age (30 years, 40 years and 50 years) when taking out the policy and with capital levels of €30,000 and €120,000 were compared. Among the results obtained, it is worth highlighting that "the rates applied to Life Insurance by financial institutions are significantly higher at all ages and in all capital ranges than the rates applied by insurance companies". Although there are differences between entities, the differences between rates can exceed 30%, that is to say: the products marketed by banks are up to 30% more expensive than the corresponding products of an insurance company. This study confirms once again the importance of looking for the insurance that best suits your situation. Protection for the family, ensuring that you can maintain your home, the education of your children, etc., are the most important motivations when deciding to take out life insurance. An insurance broker can offer you advice and a comparison of market products in an independent and transparent manner. Our team of experts will advise you and help you find a solution that will meet your expectations in terms of insurance coverage and price. You can also request your online quote through our website by clicking here.

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