When it comes to getting the best deal, professional groups have a clear advantage. Financially secure, streamlined and predictable a body of workers such as teachers are an ideal sector to design schemes around and they benefit from a broad range of tailored financial services and preferential rates.

Group schemes are available to trade union members, trade representative bodies, alumni, and employees of most companies. Of the VHI's 1.9 million members, more than 80 per cent are participating in the company's 7,179 group schemes and availing of a 10 per cent discount. BUPA offers the same discount of 10 per cent to groups of six or more.

When a scheme is developed and offered by an organisation to its members, it is likely to be suitable for most but not necessarily all of the group, so it is important to evaluate each offer on its own merits.

It's not just the size of the group but the nature of it that determines how suitable it is for arranging schemes. It is more difficult for a broker or financial institution to arrange special packages for a disparate group with different salary levels, especially if the numbers are small. It may also be the case that a particular group is not an interesting target group for an insurer or bank.

Critical mass is important in a country as small as Ireland and the more homogenous the group, the easier it is to provide for their particular needs. Cornmarket Group Financial Services handles group schemes for teachers, nurses and some unions.

According to its marketing director Mr Robert Power, some schemes need to be marketed while others are automatically very popular.

"We have a big take up on our car insurance plan, well over 50 per cent, because seven out of 10 of our teacher or nurse customers will find cheaper premiums through the scheme."

The car insurance scheme, which covers malicious damage to a vehicle on school grounds, has been going for 20 years and boasts high retention rates, according to Mr Power.

The salary protection or disability insurance scheme run by Cornmarket also has a high takeup but it has had to be marketed. Low take-up can be a big problem for the long-term viability of a scheme.

Cornmarket also looks after an additional voluntary contributions scheme, personal investment plans and arranges flexible personal loans through GE Capital Woodchester.

The company has a team of 40 consultants who are specially trained for each group to provide financial advice to members. Group members can also make considerable savings through bundling all their loans into a mortgage and paying back the various loans at the home loan rate.

Some groups, such as the Institution of Engineers in Ireland and the Irish National Teachers Organisation, have negotiated deals for their own credit cards. With an APR of 15.39 per cent for engineers and 16.9 per cent for teachers, along with sweeteners such as the waiving of the first annual fee, these credit card schemes can be very attractive.

There are various special travel offers and discounts that have been arranged for groups such as the Irish Nurses Organisation and Irish National Teachers Organisation and they include a deal on worldwide travel insurance, whereby the annual premium is £36 for the member and his or her family.

This policy is available to members of 14 unions, including the Garda Travel Holiday Club, the Irish Bank Officials Association and the CPSU. A large number of people including gardai and civil servants are entitled to buy Iarnrod Eireann vouchers at a flat rate of £16 and this can provide a saving for frequent train travellers.

Members of the Institute of Engineers of Ireland get 25 per cent off published rates at all Jurys hotels and a complimentary bottle of wine. Group schemes for the four organisations profiled for this article are organised by Cornmarket Financial Services and Frank Glennon Ltd.

Not every member of a group scheme will benefit from reduced insurance rates so it is still important to shop around for quotes.

Family Money carried out a test on two of the group schemes. A 30-year-old male teacher from Westmeath with a full licence and five years no claims bonus seeking a quote for fully comprehensive insurance on his five year old Opel Astra received a price of £370 on the teachers Carplan.

A member of the CPSU with the same car and profile but working in the civil service was quoted an annual premium of £529 on the Drivesure scheme operated by Frank Glennon Ltd.

Family Money tried repeatedly to speak to someone about group schemes in Frank Glennon Ltd over several days but without success.