1. I have a VHI cover for wife and 4 kids
2. We have level term cover as mortgage protection
3. I have a payout from work in the event of my death.
4. I had a Life Assurance and Serious Illness policy with expired on 15 Jun.
It was 10 year policy and to renew they were offering approx €180pm for a 10 year policy or €360pm for the 30 year policy for myself and mrs majee. I have a few queries:
a. given that we didn't renew is it normal that these policies pay out a certain amount on expiration?
b. do I actually need cover myself given 1,2 and 3 above?
c. if we were to get a similar policy would we be better off to get a 30 year policy given our age profiles (me, 42 mrs majee 40)?
Me and mrs majee know very little on this so apologies if the questions are a bit simplistic!!!