How it Works

When you buy Life Assurance you probably assume that the entire premium is to cover the cost of the cover, right? Wrong!

What some banks and brokers – including so-called direct online discount websites don’t highlight to you is that they are taking large upfront and ongoing commissions that impact on the cost of your premiums.

This directly impacts on the cost of your cover and in quite a significant way!

At LowCommission.ie we have created a totally new way to buy Life Assurance products ensuring that you get the best discounts available on the Irish market.

Once you request a quote, our comparison engine scans not just our life company partners but all the life companies operating in the Irish market. We then get you the cheapest premium available in the market and then strip out the commission.

So what’s in it for you?

LowCommission.ie is unique as it is the only provider that cuts the rate of commission payable by 80% and uses it to reduce your premiums over the full term of the policy.

By streamlining the process, removing these large commissions and allowing our customers to apply directly online themselves, we maximize the value of their policy.

Read our FAQs for more

And what’s in it for us?

We’re not doing it for free, but we don’t expect you to pay us! We still get paid by the Life Company that you have selected, but as we have given most of the commission to discount your premium, our rate is very low.

How’s that for cutting a fair deal?

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It’s quite simple! We believe in giving our customers the tools and knowledge required to make the right decision on which suits them. We operate on a basis of “execution only” so we don’t offer advice. However we have an online instant message text help service to make completing the forms as easy as possible.

Examples

Mortgage Protection

James & Sarah are looking at their finances and would like to try to save some money on their Mortgage Protection plan. They took out their first mortgage in 2007 for €350,000 over 35 years. The current outstanding balance on their mortgage is €324,000, with 30 years remaining.

James is 33 and he is a smoker & Sarah is 30 and also smokes. The quotations for this policy would be as follows:

A standard broker would price match this to the cheapest quotation of €56.65 per month with Zurich Life.
LowCommission.ie discount this premium further to €48.15 per month. That’s savings of €3,060 over the term of the policy.

Life Cover for Family Protection

John & Mairead have recently had a new baby and have decided they need life cover in place until their baby is aged 21 and hopefully financially dependent! Using the Life Cover Calculator they decided they needed cover of €400,000. John is aged 39 and he smokes, Mairead is aged 36 and she does not smoker. The quotations for this policy would be as follows;

The premiums quoted would range anywhere from €110.73 per month with Zurich Life to €153.37 per month with Canada Life.
LowCommission.ie would further discount the premium to €94.12 per month. That’s savings of €4,185.72 over the term of the policy!

Income Protection

Siobhan is a dentist earning in the region of €75,000 per annum. She wants to ensure that she would be in receipt of an income if she was unable to work due to an accident, an illness or even an injury. She would not be entitled to disability allowance. Siobhan is 37 and does not smoke. She intends to retire at age 65.

The premiums quoted here would range from €227.91 pm to €239.72 per month.

LowCommission.ie would apply a discount to bring the premium to €182.33 per month. That’s savings of €546.98 per annum and over €15,000 over the course of the policy!