# What value of Life Assurance should I purchase?



## fmmc (26 Sep 2006)

Hi,
Two years ago we (my wife and I purchased) our PPR and the requirement to have Life Assurance was waived.  Two years later, we still have no life assurance and will soon hopefully embark on a self build for a property of significantly higher cost & value.  The more I think of it however, the more concerned I get about the implications for my wife should anything happen to me prior to taking out a policy for the new build (possibly several months away).  My question therefore is firstly, can I now purchase a Life Assurance policy albeit not knowing exactly how much of a mortgage I would need covered, and secondly what type of policy should I purchase?  Thanks in advance, fmmc


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## bacchus (27 Sep 2006)

Two policies to consider
1- For Mortgage: get mortage protection on joint life or dual life. This is mandatory when taking a mortgage and is of the amount of the mortgage. Mortgage paid on the first death (or seriously illness if subscribed to). 

2- Life insurance: 
This may already be included in your pension scheme if you have one.
Otherwise, you can purchase cover for any amount and pay premium accordingly and has no relation to the mortgage.
Thing to ask yourself: what amount of money would be needed if one of you were to disapear?

check [broken link removed]for some info and quotes. I have no vested interest, simply found their prices very competitive.

As an example, husband works, wife is home carrer and look after the children. If wife dies, you may need to employ child minder at say €40k per year for x years..

I am far from being an insurance expert, jut happens that i am also looking into this at present.


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## fmmc (27 Sep 2006)

Thanks Bacchus.  Wrt Point 1, we had this requirements somehow waived when we purchased our first PPR.  Now however, we expect to soon begin a self-build and rent the first property.  Mortgage for the self-build will be higher than the existing mortgage.  My question is can I now buy mortgage protection even though I'm 12+months into my current mortgage and if yes, should I look for an amount equal only to my current mortgage or my anticipated mortgage for self-build?


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## RS2K (27 Sep 2006)

fmmc said:


> Thanks Bacchus. Wrt Point 1, we had this requirements somehow waived when we purchased our first PPR. Now however, we expect to soon begin a self-build and rent the first property. Mortgage for the self-build will be higher than the existing mortgage. My question is can I now buy mortgage protection even though I'm 12+months into my current mortgage and if yes, should I look for an amount equal only to my current mortgage or my anticipated mortgage for self-build?



Yes you can take out a mortgage protection policy for whatever sun assured you wish. 

I'd consult a professional on how much other cover you'd need. Your circumstances are likely to be unique.


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## fmmc (27 Sep 2006)

Thanks RS2K.  Is it possible though to now take out a policy in between being granted and drawing down one mortgage and applying for the next?


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## F. Kruger (28 Sep 2006)

Why was the requirement waived initially?


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## RS2K (28 Sep 2006)

fmmc said:


> Thanks RS2K. Is it possible though to now take out a policy in between being granted and drawing down one mortgage and applying for the next?



Yes it is.


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## loads (2 Oct 2006)

fmmc said:


> Hi,
> Two years ago we (my wife and I purchased) our PPR and the requirement to have Life Assurance was waived. Two years later, we still have no life assurance and will soon hopefully embark on a self build for a property of significantly higher cost & value. The more I think of it however, the more concerned I get about the implications for my wife should anything happen to me prior to taking out a policy for the new build (possibly several months away). My question therefore is firstly, can I now purchase a Life Assurance policy albeit not knowing exactly how much of a mortgage I would need covered, and secondly what type of policy should I purchase? Thanks in advance, fmmc


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## loads (2 Oct 2006)

Have you checked out www.firststep.ie  ,will offer low quote for  life assurance and mortgage protection.On The 13th month of the policy  ,they will refund you their commision less €65.Its the best deal out there as far as i can tell.I think it is too risky not to have any lifecover in place prior to building.


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