Fees and Commission
Life Insurance and Mortgage Protection
Our recommendation of the most suitable provider is driven by a range of factors with best price for our clients being a key factor. We do not charge fees and our income is earned through commission paid by providers.
A typical example of our commission would be a mortgage protection policy costing €31.25 per month. The annual premium would work out at €375. The initial commission we would receive in year 1 on this policy would be in the region of €500 to €562, depending on the provider.
Typical commission received from our Life Insurance providers is as follows. The majority of our business is conducted through Royal London and Zurich as they generally provide the most competitive prices,
Royal London average commission is 1.33 times the first years premium. Commission to to 1.8 times the premium may we given and in this situation a claw period of 5 years can apply.
Zurich average commission is 1.5 times the First years Premium.
Commission rates with Aviva, New Ireland and Irish Life are typically in the region of 1.5 times the first years premium.
We also receive a small renewal premium each year of 3% pf the premium, If the premium is €375 we would receive €11.25 per annum from year 2 onwards
Clawback of commission
The life insurance Company may claw back commission if the policy is cancelled in the first 18 months , on a pro rate basis.