# Insured Up to me oxters!



## majee (23 Jul 2009)

1. I have a VHI cover for wife and 4 kids
2. We have level term cover as mortgage protection
3. I have a payout from work in the event of my death.
4. I had a Life Assurance and Serious Illness policy with expired on 15 Jun. 

It was 10 year policy and to renew they were offering approx €180pm for a 10 year policy or €360pm for the 30 year policy for myself and mrs majee. I have a few queries:

a. given that we didn't renew is it normal that these policies pay out a certain amount on expiration?
b. do I actually need cover myself given 1,2 and 3 above?
c. if we were to get a similar policy would we be better off to get a 30 year policy given our age profiles (me, 42 mrs majee 40)?

Me and mrs majee know very little on this so apologies if the questions are a bit simplistic!!!


----------



## Ned_ie (29 Jul 2009)

In response to your questions:

a - no not normal unless they were a combination of savings and cover
b- 1)VHI does not pay a lump sum in the event of a Critical Illness - you still have to pay the bills and mortgage - 2)Term insurance is great initially - however it is a short term solution to the long term problem of your death! The best you can hope for with these plans is that you die before it expires! 3) excellent that you have a payout thru work - what happens if you lose you job though?
My view is that you should still have cover!
c) - I would advise a whole of life plan rather than a term policy

Ned
agent for life cover among other things!


----------

