Irish Pension Information Ltd. trading as Better Protection or BetterProtection.ie is a lead generation company.
OUCH…we said it! We know that there can be some negative associations when it comes to marketing or lead generation companies but we are one of the good guys, We promise.
Let us explain why.
What We Do?
We connect you with independent brokers to allow you to receive several quotes from different providers for your protection policies so YOU get the best deal.
In Ireland many people purchase their protection policies from the bank. You might wonder why this can be a bad thing?
The banks can have somewhat of a monopoly when it comes to protection policies. Consider the following situation.
You are applying for a mortgage and the bank advisor explains that you need to have mortgage protection insurance in place before drawdown. They provide you with a quote and ask if you want to proceed.
Most people applying for a mortgage are really…REALLY nice to their advisor in the hopes of securing the mortgage for their new home.
Given that you are very eager to secure my mortgage, you don’t want to say no, ask if you can get it cheaper or cause any fuss whatsoever.
In the grand scheme of things, the protection is only €50.00 a month which doesn’t seem too bad on top of the €1,500.00 a month mortgage (which you can’t wait to sign up for).
So you sign the papers without too much consideration, forget about the protection and just pay €1,550.00 a month for you mortgage and the insurance for the next three decades.
What could be wrong with that?
When the bank offers you a quotation, it is usually on the bank’s group policy. In most cases, your bank’s group policy is underwritten by one provider only.
The bank and the insurer know it is unlikely that you will shop around, so the price they give you doesn’t need to be very competitive.
In nearly all cases, your mortgage advisor also makes a commission on the sale of your mortgage protection policy.
So based on the fact that your advisor could lose money from their pocket if you go elsewhere, they are not normally very forthcoming in letting you know that you can use another provider for obvious reasons.
In extreme cases, if your advisor is very pushy they may try to indicate that getting mortgage protection from another provider could delay your drawdown.
Now any normal person unaware of the rules is thinking to themselves… I could lose my mortgage over this so I’ll pay it.
But it is a big but…
Your broker knows exactly what they need to provide to your bank for your mortgage protection. They do it every day. They forward date your policy, obtain the documents from your provider in advance, and email them to your bank before you are ready to drawdown.
No delays, no issues just better value for you.
So how much could YOU save by using an independent broker?
It can cost you THOUSANDS if you make this mistake.
Okay, so thousands…it sounds a little dramatic. Let us explain why it isn’t.
When you use an independent broker, they shop the market by comparing quotes from several different providers.
This is why they are called independent brokers. Providers know that when they give a quote to an independent broker, the broker will also request quotes from other providers. This is not a choice for the broker; they have to do this to be able to call themselves independent.
This is where things get interesting. Each provider is now competing with other providers to win your business. What do they do to win your business, you might ask? They lower prices.
In some cases obtaining mortgage protection from a broker can be over 50% cheaper. You might think to yourself it is only €50.00 a month. What is the big deal?
The big deal is that over the lifetime of your mortgage let’s say it’s 35 years, a saving of just €25.00 a month (and it could be a lot more) would result in you saving more than Ten Thousand Euros on your Mortgage Protection over the life of your mortgage.
Now, that’s not to be sniffed at. If you bought your policy from a bank it is always worth checking to see if you can obtain cheaper cover. You can request a Mortgage Protection Quote here.
Supporting Independent Brokers & YOU
Better Protection.ie is owned and operated by Nikki Browne. Nikki has worked in the financial services sector in Ireland for over a decade. During this time, it became apparent how few people were aware of the savings that could be made by simply shopping around for financial products.
Nikki now devotes most of her time to maintaining this website and its sister website, IrishPensionInformation.ie.
The aim of BetterProtection.ie is to connect consumers with independent brokers to provide consumers with value for money protection products. We do this by providing educational information about protection products to help you fully understand them and show you how you might obtain the best deal. We also refer you to an independent broker if you request a quotation.
As a lead generation company, we help support independent brokers in reaching consumers. These brokers have much smaller advertising budgets than the big banks, but by using our service, they can access marketing channels that would normally be out of their reach.
So it is a win-win for You and the small independent Irish brokers we work with.
Is there a cost for using BetterProtection.ie?
No there is no cost to you for using BetterProtection.ie. When you request a quote, we refer you to an independent broker. The brokers pay us a referral fee which allows us to continue to operate and support brokers to grow their businesses while offering you excellent value for money protection products.
Each of our broker partners are regulated by the Central Bank of Ireland and are Members of Broker Ireland.
Our promise to you, you will always get an identical or better deal from using our site than you would if you went to the broker directly. We know how important it is to remain transparent so we have made this a condition of becoming a broker partner with us.
What we don't do?
We don’t provide financial advice. All the information on the website is for educational purposes and does not constitute financial advice. If you would like financial advice, we can connect you with an independent advisor who can provide you with individually tailored financial advice.
Any Questions?
We want to be as transparent as possible so you know that BetterProtection.ie is a website you can trust. If you have any questions or comments, you can email Nikki at admin@BetterProtection.ie, and she will respond to your request personally.
