Hello,
Would anyone have some advice about what to do with 2 Irish Life policies we have.
The first is a Lifesaver plan we were sold in March 1987. This was a life assurance plan (on both our lives) we took out as at the time as we had taken on a mortgage and had small children. To date we have paid in €14,855 to this policy. It has zero encashment value and currently would pay out €142,532 on the death of either party. I have been told that the premium on these policies increases sharply as you get older and that as well the lump sum paid out gets eaten into to pay for the cost of the policy.
The second policy is an "educational" one (called Lifesaver Plan) that we took out in 1989 to go towards the cost of our children's third level education. To date we have paid in €11,210 and the encashment value is €17,640. This policy has a "life' element attached to it. Is this a good return after 18 years?
We are currently paying approx €1100 per annum into each of these policies (total €2200) and this amount is increasing every year.
When we took out these policies we knew nothing about fees/costs, projected future earnings etc. We took it on trust that we were getting the best policy suited to our needs ( I would'nt do it now!).
Should we get out now before we sink too much more money into these policies?
Thanks.
Would anyone have some advice about what to do with 2 Irish Life policies we have.
The first is a Lifesaver plan we were sold in March 1987. This was a life assurance plan (on both our lives) we took out as at the time as we had taken on a mortgage and had small children. To date we have paid in €14,855 to this policy. It has zero encashment value and currently would pay out €142,532 on the death of either party. I have been told that the premium on these policies increases sharply as you get older and that as well the lump sum paid out gets eaten into to pay for the cost of the policy.
The second policy is an "educational" one (called Lifesaver Plan) that we took out in 1989 to go towards the cost of our children's third level education. To date we have paid in €11,210 and the encashment value is €17,640. This policy has a "life' element attached to it. Is this a good return after 18 years?
We are currently paying approx €1100 per annum into each of these policies (total €2200) and this amount is increasing every year.
When we took out these policies we knew nothing about fees/costs, projected future earnings etc. We took it on trust that we were getting the best policy suited to our needs ( I would'nt do it now!).
Should we get out now before we sink too much more money into these policies?
Thanks.