# Life insurance: whole of life for €70pm, pays on death or serious illness, too much?



## colin79ie (16 Jan 2007)

I have a whole of life policy with BoI insurance Co. It's costing me 70 euro a month. It seems way over the top to me. It covers my mortgage and a lump sum if I die or critical illness. I am about to put my partner named on the house/mortgage so I will need life cover for her as well for the mortgage. Anyone know if I am being ripped off. Anyone know who I could go to for our new cover.


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## fobs (16 Jan 2007)

*Re: Life insurance*

Seems about right for the cover you have. THe cheaper (and more common) reducing balance cover to cover the mortgage only would be cheaper but would not include the critical illness or whole of life aspect that this policy does. Depends on your level of cover needs,age and current health as to whether you would get similair cover cheaper.


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## ClubMan (16 Jan 2007)

Do you understand clearly in precisely what circumstances and for how long the critical illness cover pays out? Often the terms & conditions are very restrictive on these policies. 

Do you really need whole of life cover in the first place? Do you have kids? Does your partner work or not?

You should shop around for similar cover to judge whether or not it is good value.


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## colin79ie (16 Jan 2007)

*Re: Life insurance: whole of life for €70pm, pays on death or serious illness, too much?*

I am in my late 20's, good health. I have a partner and 2 kids. She works part time. Would like to get something to cover them in the event of my death. Getting married this year.


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## ClubMan (16 Jan 2007)

Even with dependent kids/partner many people might not need whole of life cover since once the kids grow up they can fend for themselves and other means can provide for the partner. Just a thought.


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## demoivre (16 Jan 2007)

*Re: Life insurance: whole of life for €70pm, pays on death or serious illness, too mu*



colin79ie said:


> I have a whole of life policy with BoI insurance Co. It's costing me 70 euro a month. It seems way over the top to me. It covers my mortgage and a lump sum if I die or critical illness. I am about to put my partner named on the house/mortgage so I will need life cover for her as well for the mortgage. Anyone know if I am being ripped off. Anyone know who I could go to for our new cover.



Has the policy reached any review dates yet? If not you may find that after such a review you will have to increase premia just  to maintain the existing level of cover that you have.  Term cover is generally cheaper than whole of life - get an online quote  from the likes of Tesco or 123.ie to get an idea.


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## ajapale (16 Jan 2007)

*Re: Life insurance: whole of life for €70pm, pays on death or serious illness, too mu*

How much is your life insured for?


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## PM1234 (16 Jan 2007)

It really depends on your health, smoker/non smoker/family history, amount covered for etc plus additional benefits such as CI can really bump up your premium. Would suggest a meeting with a life broker. and giving an approx cost of a premium acceptable to you and seeing what you can get. 

Additionas such as hospital cash etc may well be covered by your private health insurance so bear this in mind. 

Take the info away and think about it rather than signing up there and then. 

The advantage of Whole of Life is that it averages out the premium so you pay more now while you're young and less later when you're older and life cover gets more expensive.


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## ClubMan (16 Jan 2007)

Also - are you absolutely sure that you can reassign the existing policy to a mortgage lender to avoid the need for separate mortgage protection life assurance? Has your lender agreed to this already?


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## SeanA (16 Jan 2007)

A lot of the banks are tied agents and only deal with a limited number of companies or even only one. I personally experienced this to my own demise. I'm not saying you might not be lucky enough to get the cheapest quote but the likelihood is that you could get it cheaper if you try a broker, try http://www.goldenpages.ie/search/insurance.html for one and see if what they come back with, or let me know if you want and I can let you have the contact number for my broker.


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## ClubMan (16 Jan 2007)

*Re: Life insurance: whole of life for €70pm, pays on death or serious illness, too mu*



SeanA said:


> I personally experienced this to my own demise.


You mean.... you're posting (gulp!) from ... the "other side"!? 

My logical beliefs were wrong all along...


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## SeanA (17 Jan 2007)

Sorry the news was not that tragic....just my financial demise....only sometimes fatal.


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## Megan (17 Jan 2007)

*Re: Life insurance: whole of life for €70pm, pays on death or serious illness, too much?*



SeanA said:


> Sorry the news was not that tragic....just my financial demise....only sometimes fatal.


 
Ah I am sad - I thought at last AAM had got in touch with the other side.


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