If you are looking for a favorable term life insurance, pay attention to the price when concluding the contract. Test (issue 08/2015) now examined 60 suppliers and also identified some very good, inexpensive term life insurance policies. Consumers should not save the wrong end when looking for a cheap deal.
Does a high-performance term life insurance always have to be expensive? Tests by Stiftung Warentest (Finanztest 06/2015) and Focus-Money (issues 16/2015 and 20/2015) found that the benefits of good term life insurance are often the same . Therefore, the price as the criterion for choosing a suitable tariff in the center. For example, in its latest issue 08/2015, Test determined that a 30-year-old sample customer (non-smoker, commercial employee) can pay a death benefit of 250,000 euros for an annual premium of less than 200 euros . When another insurer pays the same policyholder for the same performance with 419 euros, almost three times more than the cheap term life insurance provider.
For example, Test determined favorable term life insurance
Test tested 60 providers for eight model customers , taking into account tariffs for smokers and non-smokers, for office jobs and danger professions. The age of model customers was 30 and 40 years respectively. Among other things, the so-called payment per share (net contribution) and the tariff contribution (gross contribution) were included in the overall ranking for the price comparison.
Usually younger and healthy people in particular benefit from favorable contributions and outstanding achievements. This trend also emerged among the 480 examined tariffs of Test . For example, the consumer magazine found six top rates for a favorable term life insurance for a 30-year-old commercial employee (non-smoker):
- Community Life (Protect)
- Europe (E-T2 Premium)
- My Life (RNL +)
- HUK24 (WP24)
- HUK-Coburg (WP)
- Stuttgart (T20)
In comparison, smokers usually get rather less good benefits or pay significantly higher insurance premiums. A 40-year-old roofer (smoker) receives in the test only a top offer for an affordable term life insurance, the tariff “Protect” by Community Life. Among the 37 best-in-class rates awarded by the testers for the term life insurance insurance, the offers from Community Life, Europe, HUK-Coburg, HUK24, My Life and Stuttgarter were particularly frequent.
Since the contributions of the term life insurance always depend very individually on age, state of health, occupation, pre-existing conditions, life habits and marital status, can be determined from the test results of ÖKO test no clear test winner . Interested parties should therefore always compare the offer conditions for their personal life situation thoroughly.
Criticism of ECO test: Lack of price transparency in term life insurance
ÖKO test criticized in their term life insurance test the “price cosmetics” of many providers , because pay and tariff contribution are apart for many. Usually, surpluses are billed by the insurers as a payment tariff and thus offered at a reasonable price. If an insurer economises badly, the favorable term life insurance quickly becomes expensive. Because then the surpluses are eliminated and the contribution can increase up to the amount of the tariff contribution . In the test of Test only the providers Community Life, BNP Paribas Cardif, Canada Life and Zurich Life offer the same coverage. Also the duration of a policy can change the actual contribution sum clearly, further investigations show with other risk life insurance test winner.
In the case of term life insurance, do not forego supplementary insurance
Even the absence of a post-insurance was criticized by ÖKO test . If the life circumstances of the policyholder change, eg when marrying, giving birth to a child or transportation, the insured person can have the insured sum of the term life insurance modified. A post-insurance guarantee promises that the adjustment will not require a new health check , which will usually be detrimental to the insured. The Nachversicherung however lacked in the test of ÖKO test with the offers of the VLV (tariff L250), the Mecklenburg (tariff K6), the Bavarian (tariff 15850/15851) and BNP Paribas Cardif (Tariff Protect24).
In addition , some 152 well-known providers ignored or refused cooperation for Test’s 2015 Temporary Life Insurance. The consumer magazine nevertheless checked their tariffs for the test, but waived a rating.
Consumers should also be aware that term life insurance is pure risk protection . If the emergency does not occur, the money is gone after the contract. For those who want to save in parallel to the hedge , a life insurance is a suitable solution.