This is a bit complicated, so I was wondering if anyone can shed a bit of light on it!
First of all, what's the difference between insurance and assurance?
DH and I took out a policy when taking out our mortgage a few years ago. We are only now getting around to working out the details, and it appears that it isn't exactly what we thought it was. The premium is now (it rises every year) aprox €100. Just under €50 of this goes towards the life assurance (€24) and the rest towards serious illness cover. The rest of the premium is saved towards the raise in cost of the cover as we get older and inflation takes hold. This seems like a very complicated policy to me. I'm not sure why the policy is recalculated every year as you get older, I thought it was calculated based on the fact that you are X age at the start of the policy and it's going to last for 15 years (or what ever).
We went back to BoI, as we bought the policy through them, and the insurance guy spent an hour going through the details, which was very good of him. However, he kept saying 'God forbid' as on GF that either of us should die. We were there to talk about life insurance, I have no problem about talking about 'if I should die' and thought that he was beeing a bit silly. Maybe this is just me...