Convertible Term Life Cover

Hi Eireann
Depends on who you are with re 1 but
2(a) is generally the best option price wise as you can avail of whatever discounts price pledging that might be on offer but I would take the convertible option better to have it than not if health is good now
Obviously 1 will generally outweigh 2(b)
Re who you are with some companies are expensive when it comes to conversion options which is a concern (down to a change in their re-assurers I believe) hope that helps
 
PadKiss said:
Hi Eireann
Depends on who you are with re 1 but
2(a) is generally the best option price wise as you can avail of whatever discounts price pledging that might be on offer but I would take the convertible option better to have it than not if health is good now
Obviously 1 will generally outweigh 2(b)
Re who you are with some companies are expensive when it comes to conversion options which is a concern (down to a change in their re-assurers I believe) hope that helps
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Thanks
I am very grateful for your good info.
I'm sorry to ask again, could you clarify when you say option 1 will outweigh option 2b, do you mean 1 is more expensive than 2b or it will be less expensive, this is the main thing I was wondering about and I understand this could vary for all sorts of reasons, so in general.
 
Sorry meant 2(a) if rating is not high but if excessive then clearly 1 is cheaper because it’s the only viable option
 
PadKiss said:
Sorry meant 2(a) if rating is not high but if excessive then clearly 1 is cheaper because it’s the only viable option
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Thank you again.

I think you probably meant 2b, because those were the controversial ones, 2a i.e. medical with no issues should naturally be cheaper than the others.

I'll leave it at that. I seem to be antagonising people on another thread, so don't want to go start a second bout. Thank you.
 
Eireann said:
Thanks, my cover now I think is very cheap, it was taken out nearly 25 years ago at a time when rates were very low.

I am unlikely to have a use for it before it expires as I do not expect to have a loan in this period.

I'm guessing once you turn 50 a medical would be required. If I did this before my current policy expires I wouldn't have to provide a medical, but then would the insurer not just raise the premium above the going rate, to cover themselves, and also maybe they say why risk a new policy without a medical, lets just increase the premium to dissuade me, as for all they know I could drop dead the next day.

I'm trying to understand if in practice it works out better to take out a new policy with a medical and take my chances with my medical report. If I were to continue paying my current premiums while I will have Life Cover, it doesn't bring any benefit in the future as the company will try to protect themselves and rightly so.

By the way, I'm also the person considering ditching house insurance, but I'm really trying to see what I get with it, do I claim against my own policy or if at a loss as a 3rd party can I claim against another person's insurer or the other person for that matter.
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The simple answer, as usual, is to run the numbers. Ask the insurer for a quote to exercise the conversion option, and then compare the price to a new quote that you can probably get online.
 
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