Out of curiosity Why did you take the life cover out in the first place and why did you originally choose this term? (mortgage?)
Are you just thinking of getting new life cover for the sake of it or is 100k suitable to your needs?
Im not being smart but there can be differant answers to your question based on your own specific financial circumstances.
Whats more important when you are 60 is that you are healthy enough to even get the life assurance (people get denied or declined cover in certain circumstances). Convertible Term Assurance is an option (this allows you to convert your life policy to either a longer term policy or a whole of life policy at any stage during the life of the policy without requirements for medical information, premiums will go up but you are guaranteed to get cover, as a general rule the premium can be 10% more expensive then level term assurance, but you cannot change the amount of cover you have).
Whatever you do, do not cancel your existing policy until you have a new one in place (I assume you want to always have cover so this is just prudent).
Based on the details you provided you are looking at around premiums of €50 per month for 28 year term with same cover (did a quick quote). Just to confirm, are you 40 now or is it you were 40 at start of policy? I assumed you gave your current age etc. Same quote assuming you are 47 next birthday and partner 48 next comes to €88 or so. These figures arent guaranteed, I am just giving you an indication of what premium you would be looking at.
Assuming you are 40 now, Are you sure that you werent rated (higher premium based on Illness or family history!) or that you dont have convertible term on the policy or perhaps its a whole of life policy (with original 20 year quote)? Perhaps you used to smoke and had to pay a higher premium as a result?
Sorry, original post unclear, was 40 in 2002, 47 next birthday.
Thanks for the advice.
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