Life assurance for couple in 50s with youngest kid 14 yo

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PADDYSTREET

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Re: Mortgage protection joint life both declined

Help required on this one for me please. I am fifty and my wife is close behind. We have no mortage and our youngest is 14.I want to get life assurance for both of us. A good value one with peace of mind just in case anything should happen to us. This would be great weight off my mind to get this sorted
 
Consult a decent broker. An authorised advisor better still for a full needs assessment.
 
Thanks rs2k finding a decent broker might be the problem.But sure enough i will take your advice.
 
That is exactly what i am going to do thank you and very much appreciated.
 
Both Liam Ferguson of Ferguson & Associates and John Geraghty of LABrokers.ie would be well known to and recommended by a number of AAM members. I imagine that they would recommend a straightforward 10-year term policy (since your youngest will be 24 by the end of it), perhaps with an option to renew cover w/o a medical exam. But see what they and others say...
 
ok i am going to bite the bullit. i have not got a clue. If i am fifty should i be looking out for end of my life assurance or retirement insurance?
i have no mortgage no credit card bills no huge loans I own a credit union about 4,000 that's about it. We have a ssia deposit account. about 19,500. This sound terrible but i really don't know what i am looking for perhaps I just want nobody to pick up the tab when the chief comes calling or is there something great out there that you might know about
sorry for being a bit of a dud but appreciate your advice anyway
 
You really need to get independent, professional advice as mentioned earlier in my opinion.
 
It will also provide you with considerable reassurance — in the ordinary sense of the word! — which will be worth the fee paid. If you own your home, have some savings (and a pension?) and no significant debts, you're probably worth more than you might think!

A good insurance broker should sell you the best insurance policies for your needs, but a good independent advisor will frame that in the wider context of where you want/need to be financially in 10 years' time, or at retirement, etc.
 
You have a variety of options available to yourself. You could opt for a whole of life policy that would continue depending on health and paymwents being maintained up until you pass away. However you need to be aware of the substantial cost involved. I would recommend a term level dual life policy for you and your wife for the next 10 to 15 years. Realistically you should not need lifecover after your child is 21. Alternartivly you could use a tax efficent PRSA or AVC that in the shortterm will significantly reduce your taxbill and upon your death provided you enter a ARF can be passed to your wife taxfree or your child and he would pay inheritance.
 
PS;agree fully with independend insurance broker advice. I took out life insurance on both lives ( cu/mrs cu) around 1995 in not altogether different circumstances than your own, mid 40's and both my children were younger.took out a policy which increased yearly in line with inflation ( normal) and paid on both deaths. there was a 5 yearly review. 2000 passed ok but in 2005 the insurance company wrote to me stating that the premium I was paying wasn't sufficient to cover the amount of life cover and that I had two choices. either up the premium or reduce the life cover. I reduced the life cover on the grounds that it would start increasing again with the yearly inflation increase. However earlier this year and now retired from my previous job I decided to do a root and branch examination of outgoings etc. had a talk with an independent broker and he informed me that in about 3 years time the company I was with were likely to repeat the 2005 three card trick. ie not paying enough premium for amount of life cover. and ditto for 2015/2020 etc. I asked him to provide me with new quotes and he had a few suggestions one of which I am happy with. Cover is now more than original company, Premium is about 5c per week higher ( monthly direct debit) there is serious illness cover( Which I didn't have ) but the most important part is that apart from the yearly increase for inflation - which you can refuse at any time- there is no review of the policy for the next 20 years. He did warn me however that when the review took place I would be in for a shock as the increase was likely to be quite large. I replied that if I am still around 20 years from now and still healthy/lucid wouldn't I be the happy bunny. watch those 5 yearly review policies. they start screwing you after 10 years. I went to him as he was recommended and he didn't charge as I took out the new policy and I am well aware he got paid by the insurance company. bottom line for me however is that I now have slightly more cover. have illness cover and there is no increase outside of the normal inflation one for the next 20 years.
 
adviser said:
You have a variety of options available to yourself. You could opt for a whole of life policy that would continue depending on health and paymwents being maintained up until you pass away. However you need to be aware of the substantial cost involved. I would recommend a term level dual life policy for you and your wife for the next 10 to 15 years. Realistically you should not need lifecover after your child is 21. Alternartivly you could use a tax efficent PRSA or AVC that in the shortterm will significantly reduce your taxbill and upon your death provided you enter a ARF can be passed to your wife taxfree or your child and he would pay inheritance.
Click to expand...

Sorry but what is all this based on? A full needs assessment is req'd to give such far reaching advice. The regulator would not be happy reading such "from the hip" recommendations.
 
cuchulainn said:
PS;agree fully with independend insurance broker advice. I took out life insurance on both lives ( cu/mrs cu) around 1995 in not altogether different circumstances than your own, mid 40's and both my children were younger.took out a policy which increased yearly in line with inflation ( normal) and paid on both deaths. there was a 5 yearly review. 2000 passed ok but in 2005 the insurance company wrote to me stating that the premium I was paying wasn't sufficient to cover the amount of life cover and that I had two choices. either up the premium or reduce the life cover. I reduced the life cover on the grounds that it would start increasing again with the yearly inflation increase. However earlier this year and now retired from my previous job I decided to do a root and branch examination of outgoings etc. had a talk with an independent broker and he informed me that in about 3 years time the company I was with were likely to repeat the 2005 three card trick. ie not paying enough premium for amount of life cover. and ditto for 2015/2020 etc. I asked him to provide me with new quotes and he had a few suggestions one of which I am happy with. Cover is now more than original company, Premium is about 5c per week higher ( monthly direct debit) there is serious illness cover( Which I didn't have ) but the most important part is that apart from the yearly increase for inflation - which you can refuse at any time- there is no review of the policy for the next 20 years. He did warn me however that when the review took place I would be in for a shock as the increase was likely to be quite large. I replied that if I am still around 20 years from now and still healthy/lucid wouldn't I be the happy bunny. watch those 5 yearly review policies. they start screwing you after 10 years. I went to him as he was recommended and he didn't charge as I took out the new policy and I am well aware he got paid by the insurance company. bottom line for me however is that I now have slightly more cover. have illness cover and there is no increase outside of the normal inflation one for the next 20 years.
Click to expand...

cuchulainn, being in a similar situation I've been trying to sort this out myself for awhile, but postponing it as well, because it seems insurance and investment is such a minefield. I've been shopping around through the brokers and insurance companies but don't seem to be able to get much sense out of them (that I can understand anyway) All I know is that my policy quotations are being loaded like mad, seemingly because I had Hepatitis A 16 years ago! EBS life couldn't seem to draw the distinction between A (which I believe is commonly called "yellow jaundice" and poses no long-term damage), and B or C which are sexually transmissable or from blood transfusions.

I'm also well aware that certain brokers sell products that they get maximum commission on, but which may not be the right solution for me. Your advisor sounds honest and sounds like he looked for what was best for you, so is there any way you could share his details with us?
 
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