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There are a few ways you can save money on your insurance:

1. Pay less for your insurance by switching to a cheaper provider.
2. For life insurance, you could look at reducing your level of cover, if appropriate.
3. For health insurance, you could look at increasing the excess on your policy. An excess is the amount you volunteer to pay yourself in the event of a claim. The higher your excess, the lower your quote will be.
4. If you’re a smoker who’s looking for life insurance, then look at quitting. Smokers pay higher life insurance premiums than non-smokers, so as well as being good for your health, it’ll be good for your pocket!

The whole point of insurance is that it's there to protect you financially in your hour of need. But if you've been paying for inadequate cover, or been mis-sold a policy, then it's actually costing you financially instead.

Before buying insurance, you should always take the time to shop around for the best value and never feel pressured into signing up for something you don’t fully understand. If you’re taking out mortgage protection, remember that you don't have to take it out with the bank that you gave you your mortgage.

Always read the policy terms and conditions carefully so that you know what you’re covered for. It might not be the most exciting thing you’ll ever read but it’ll save you a lot of hassle (and potential heartbreak) if you ever need to make a claim.

Finally, when looking at health insurance, be aware of what the excess on your policy is. A higher excess will reduce your premium but means you’ll have to pay more yourself in the event of any claim.

The whole point of insurance is that it's there to protect you financially in your hour of need. But if you've been paying for inadequate cover, or been mis-sold a policy, then it's actually costing you financially instead.

1. Age – premiums are higher the older you are when taking out a policy, as the risk of death increases with age.
2. Smoking – premiums for smokers can be as much as double the cost for non-smokers due to the increased risk of mokers dying younger, so quit now if you can! To qualify for non-smoker rates you must have stopped smoking for a minimum of 12 months prior to your policy starting.
3. Your current and past health – your health can have a factor on your insurance quote.
4. Work and lifestyle – your job can have an impact on the price you pay for insurance, as some occupations and hobbies carry a higher risk. For more on this see our next point below.

Your occupation can have an influence on your premium, with some occupations deemed ineligible for cover due to the nature of the work involved. In general jobs are divided into four types or ‘occupation classes’.

1. 'Class 1' refers to white-collar jobs, which have no appreciable health or accident risk.
2. 'Class 2' refers to white-collar and administrative roles, some of which may involve driving.
3. 'Class 3' refers to skilled occupations, which require some manual duties.
4. 'Class 4' refers to other skilled roles, which involve extensive manual duties, such as those involved with construction work.

Insurance benefits are paid out tax-free so you don’t need to worry about giving over anything to the tax man! However, anyone who inherits the money after your death may have to pay inheritance tax depending on their relationship to you. How much tax they’ll have to pay will depend on how much they inherit and Revenue rules at the time of your death.

Comparing insurance quotes is easy with bonkers.ie. Just fill in some simple details such as your age, the amount of cover you want, and the term the policy should run for using our online comparison service, and we'll compare polices from Ireland's main providers and produce a quote for you in just seconds.