Also, be aware that in this global economy, the IP does not always determine language (think travelers and expats). Be sure to keep an eye out on conversions and bounce rates on the redirected visitors. It shouldn't be a big issue, but it is something to keep in mind.

Keith and Bryan are dead on. If your homepage is better for users looking for insurance, then why is there an insurance page? My guess is because your site offers more than insurance.

Yes, getting links to the homepage will be easier, but that should not be the reason for killing a well ranking page that seems to be the better page.  I'd recommend updating the insurance page to make it convert like the homepage and let it remain the focus of insurance traffic. Then make sure that your homepage links to the insurance page with good anchor text, and that it doesn't link to another page with any insurance related text.