The biggest bargain in financial services without a doubt is life insurance.

The Republic enjoys one of the lowest term and convertible term assurance costs in any developed economy for a combination of reasons: we have a relatively young population of purchasers; risks associated with HIV were overestimated a decade ago and have not been manifested in mortality tables; we are living longer; fewer people are smoking and although heart disease and cancer are still the biggest killers, treatments are improving.

In addition, we have an extremely competitive market, which went through lean times a few years ago in the sale of investment policies, and it has meant lower protection charges for all.

High net worth earners are perhaps more conscious of the need for life insurance than others: they often have professionals advising them; they have businesses or partnerships to protect; valuable assets like property that they want to leave clear of debt to dependents and higher standards of living they wish to maintain for their offspring.

One of the newest players in the Irish assurance market - CGU Life (the merged title of the former GA Life and Commercial Union) - launched in Ireland last spring offering a range of protection products and bonds. It has since revised its rates for high net worth customers, significantly bringing down the cost of cover.

CGU data shows that a male aged 45 can now purchase £500,000 worth of life cover over 10 years for just £108 a month. Over 15 years the cost is about £136 per month. For a 50-year-old the same amount will cost, over 10 years, as little as £169 a month. For 15 years of the £500,000 cover the cost jumps to £219 a month. CGU's rates are very competitive, just being pipped out of first place in three of four categories by The Equitable Life, which consistently offers the best rates to smokers as well. If there is any difficulty with The Equitable, however, it is that it does not offer convertible contracts - that is, the chance to turn the policy into another type, such as a combination protection and savings policy. Many financial advisers recommend that higher net worth clients take out convertible option policies.

It is vital to shop around before settling on a particular insurer. Whereas CGU will only charge a 45-year-old £131 a month for £500,000 cover over 15 years, the likes of Irish Progressive, Scottish Provident and Hibernian Life will all charge more than £160 a month. Over a year this amounts to a difference of £360; over 15 years it amounts to £5,400 in extra premiums.

The biggest price difference is for 50-year-olds buying 15 years worth of cover: The Equitable Life, CGU and Norwich Union will charge approximately £218, while Eagle Star charges a whopping £274, a difference of £56 a month, £672 a year and over £10,000 in premiums over 15 years.

Finally, a way to reduce the initial cost of the premium is to find a fee-based adviser who will refund the commission. The Dublin brokers, Gunn Robinson O'Higgins, introduced a service called Cost Plus this summer (much to the dismay of commission-based competitors) which involves a £250 "execution-only" fee for arranging an annual (not monthly payment) life insurance contract with a designated life company.

If the client requires more indepth study and analysis of their needs, the fee usually rises to about £500. What it means is that Gunn Robinson O'Higgins refunds its 90 per cent commission on the first year premium, takes its fee and require you to send only the 10 per cent of the premium which the life company requires to set up the contract.

In the case of someone paying an initial premium of £2,628 - the equivalent of a 50-year-old buying £500,000 worth of cover for 15 years, the first year's cost will only be £250 plus £268 or £518.

The difference - £2,110 - is pure savings.