Life Which is better deal

A

aishling

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I need life insureance for a new joint mortgage (220,000 over 30yrs) I have gotten a quote through LAbrokers with Eagle Star/Zurich €16.31 per month but Get €146.79 Cash Back after 13 months(total cost 5724.81)or with AIB (reducing cover) €20 per month for 24years & free from then on (due to overpayment for 24years as they cant charge less than €20) (total cost 5760).

Am I right in saying Eagle stars offer is best even with the free 6years as cash is worth more today than in the future? Would the saving be worth the paperwork?

Aishling
 
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I presume the AIB cover is attached to the mortgage. This means that if you want to switch the mortgage, this cover will expire and you will need to take out new cover.

The Zurich policy can be transferred to a new mortgage.

I would pick the Zurich one on this basis plus it is unlikely you will stay with AIB for 24 years.
 
Thanks NorfBank, never even considered that we mightnt be with AIB in 24years time...maybe we'll win the lotto and have it paid off by then!
 
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