Irish Life Fund - Stay or Go

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Andygal1

Guest
I have been putting my sons child benefit in an Irish Life fund for nearly 5 yrs now. I have paid in 8550euro but the fund in only currently worth 7082euro. Should I continue to pay this money in and hope for the best or should I cut my losses and run? Any suggestions?
 
Andygal1 said:
I have been putting my sons child benefit in an Irish Life fund for nearly 5 yrs now. I have paid in 8550euro but the fund in only currently worth 7082euro. Should I continue to pay this money in and hope for the best or should I cut my losses and run? Any suggestions?
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is it the signature fund , i had money in that one for a few years , an absolute dud across the board , didnt matter if you were in india - china or commodities , thing went nowhere
 
No its not the signature fund its called BonusSave?? They recommend saving for a period of 7 years or more. I've been in it nearly 5 years wonder if I should continue for another 2 or take what's there and forget about the loss:-(
 
If you invested in a fund which matched your risk profile you shouldn't be getting cold feet after 5 years.

Leave it as it is but review your fund choice so you are comfortable with the risk. or

Cease paying into the plan leaving your lump sum invested but use the contribution to reduce debt (eg accelerate payments on any loans you may have so you reduce the term and save on interest payments) or

You could put the EUR7082 plus what you are paying into the policy to better use (reduce borrowings etc).
 
I dont have any borrowings except the mortgage so debt is not a problem. I was just a bit worried about putting the child benefit away for my son and find out its worthless. Can keep it up hopefully for another 10 years or so, just didnt know if it was wise.
 
Andygal, I'm only getting a snap shot of just one small portion of your finances. It worries me that you are worried about the possibility of the product being worth less than you paid in. The nature of the investment you have is the potential for spectacular gain but also the potential for you to loose everything. You need to go back to the person who sold you the product or contact Irish Life to have a review carried out. It is preferable to get more than one opinion - one from Irish Life and another from an Independent Financial Adviser. Please consider having this review carried out sooner rather than wait a few months / years to see what happens. I appreciate you are probably saving for the benefit of your son and it would be a comfort for you to know where you go from here so you will still be able to realise your aspiration.
 
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