Life & Serious Illness Cover

Hi Everybody,

This query is for a friend.
He's been quoted 200euro for life insurance and serious illness cover, life insurance is valued at 230K euro and serious illness at 140K.
He's a 34 year old smoker, does this sound like an excessive preminum per month?

Bountyhunter.

It depends on what term he is looking for and if its just for himself (without partner) over a 30 year term on his own he would be looking at approx €170 per month.

Without more details it is hard to say, but somethngs that put up the cover of the premium include:
the longer the term the higher the premium ( you don't say how long the cover is for)
Does the policy index each year?
Is the policy convertible?
Is the life cover whole of life or is it a fixed term?
does your friend have any illness which would mean the policy would cost more.
Also I assume that is the monthly premium

As the previous posters said you'd need more information to make an estimate of what he should be paying.

Smokers do however pay significantly more for life assurance than non smokers so it may indeed seem a lot but could be correct.

You do not say why he wants or needs this cover.

If he is unhappy with current premium he could consider a shorter term (assume its a 30 year + Term assurance quote he got) with a conversion option. Premium will be lower but he will be able to renew the policy at any stage of the term without any medical requirements. Just something to think about. If he is going through a financial advisor, this is something he could ask the advisor about (convertible term with smaller term).