My husband and I took out a whole of life assurance policy providing dual life cover with Irish Life in 1993. We have availed of the consumer index increases each year so our premiums have increase and the level of cover also increased accordingly.
However, the renewal notice for this year states that the cost of our life cover increases as we get older and if we want to maintain our current level of cover we must increase our premium by 100% (almost €800 per annum) or else continue paying the current premium but be only eligible for a life cover which is €50k lower that the current cover. They are asking us to sign a consent form to agree to this.
Apparently, our policy has a 10 yr review option, which we were not aware of. We are now 15 years into the policy and If it was reviewed 5 years ago, we were not aware of this and we were not told then that our premium was inadequate to meet our needs. We are very concerned - if we agree to the increase we have no guarantee that in five years time they will review us again and do the same thing.
Any comments or advice would be greatly appreciated. We are aged 54 and 47 and in good health. Would we get a better deal elsewhere? 100% increased premium seems appallingly high.
However, the renewal notice for this year states that the cost of our life cover increases as we get older and if we want to maintain our current level of cover we must increase our premium by 100% (almost €800 per annum) or else continue paying the current premium but be only eligible for a life cover which is €50k lower that the current cover. They are asking us to sign a consent form to agree to this.
Apparently, our policy has a 10 yr review option, which we were not aware of. We are now 15 years into the policy and If it was reviewed 5 years ago, we were not aware of this and we were not told then that our premium was inadequate to meet our needs. We are very concerned - if we agree to the increase we have no guarantee that in five years time they will review us again and do the same thing.
Any comments or advice would be greatly appreciated. We are aged 54 and 47 and in good health. Would we get a better deal elsewhere? 100% increased premium seems appallingly high.