How safe is a savings policy & is there a difference between the various companies

Hi,

My wife and I currently have a savings policy with Quinn-Life for our daughter. I'm wondering now though is how safe is this policy? I don't mean to cause a run on the place but I currently feel like cashing it in and starting a new policy with a more established name like Friends First, Canada Life, Royal Liver, etc. Maybe it is an insecurity thing but I just have that nervous feeling that it will be not be worth that much or might be gone altogether when we wish to cash it in in around 13/15 years time. In general are such savings schemes protected by law and does any one think that there is much of a difference between Quinn-Life and the other like Canada Life, etc?

-M

Re: How safe is a savings policy & is there a difference between the various companie

Is it a deposit?

Or a managed fund which invests in assets like shares, bonds, property, etc.?

Re: How safe is a savings policy & is there a difference between the various companie

Do Quinn Life offer deposits? They are not listed as such on the Financial Regulator's website.

I assume you are talking out Quinn Life's "regular savings plan" which feeds into a fund?

Re: How safe is a savings policy & is there a difference between the various companie

It would be a managed fund. I contribute around €100 a month. The fund would have names like Euro Freeway, Cash Freeway, Biotech, etc.

Re: How safe is a savings policy & is there a difference between the various companie

As far as I know, Quinn Life funds are all index-trackers, i.e. each fund tracks a market index. So the fund performance is mostly down to the performance of the index being tracked, rather than any decisions by Quinn Life.

Re: How safe is a savings policy & is there a difference between the various companie

monnigblower,

If it is paid into a fund registered with the financial regulator then it is safe as the assets are always held by a third party custodian so if the seller of the product goes bust the assets are segregated and safe.- check with Quinn if there is a custodian for the assets and if so you can put your mind at ease.

How well your fund performs is another issue.