Hi All,
We have had a life assurance policy with Bank of Ireland Life since 2005 with level cover and what we were told was a fixed premium. We found out recently that they can increase the premium every 5 years which was not explained to us at the time. We are waiting for a Data Access Request before taking it to the FSPO.
Anyway, we are now old and feeble so unlikely to get cover elsewhere but they have suggested we change to a product called "Horizon" which they have just sent me quotes for.
We are currently 47 and 44 and the quotes are for cover of 390,000 and 297,000 respectively.
The quotes are:
37 years - €250
27 years - €142
20 years - €113
17 years - €102
The original policy was to run for 17 more years in line with our mortgage and currently costs €106 but we are now debating whether to go for a longer term.
Spare cash is unfortunately not a thing in this house so need to be wise.
Youngest child has probably 10-12 years more education depending on college but will probably have to finance himself/get a grant to a large extent anyway.
Thanks for any thoughts,
Sybil
We have had a life assurance policy with Bank of Ireland Life since 2005 with level cover and what we were told was a fixed premium. We found out recently that they can increase the premium every 5 years which was not explained to us at the time. We are waiting for a Data Access Request before taking it to the FSPO.
Anyway, we are now old and feeble so unlikely to get cover elsewhere but they have suggested we change to a product called "Horizon" which they have just sent me quotes for.
We are currently 47 and 44 and the quotes are for cover of 390,000 and 297,000 respectively.
The quotes are:
37 years - €250
27 years - €142
20 years - €113
17 years - €102
The original policy was to run for 17 more years in line with our mortgage and currently costs €106 but we are now debating whether to go for a longer term.
Spare cash is unfortunately not a thing in this house so need to be wise.
Youngest child has probably 10-12 years more education depending on college but will probably have to finance himself/get a grant to a large extent anyway.
Thanks for any thoughts,
Sybil