> Is joint/Dual better?
> Do I usually have to take a medical test? (I have high blood pressure buts its treated well and am a bit obese)
> I might be forced to move abroad for employment reasons next year? Would this impact my policy?
> Is there any tax relief on life assurance
> In your opinion, is the payment on specificed diseases or hospital worth it?
Thanks Stephen. I've looked to be allowed index the policy but missed out on an option to do so a number of years ago and now it is gone. I thought that by increasing the cover now that it would cover the value eroded by inflation over the past 9 years and the next number of years too depending on how much the cover is increased. I was interested in the whole of life option because it will always be worth something. I was wondering if the figures I quoted seem reasonable for an increase in cover considering my age. Judging by what you say, if I pass up on acting on this now and revisit this in a number of years the cost of increasing cover will be even more?
Thanks Stephen and Jimbobp.
I assumed the whole of life policy would always be worth something because there will always be a pay-out someday provided the premium is paid monthly (i.e. I'm going to die sometime). I understood that I could have this option for my family in the event of my demise but alternatively that in, say 25 years (when I'm nearly 60) and have paid in my €90/mth that I could sell the policy to a company who may be willing to take it on considering my age (60) and the €300k the policy would be worth when I die (for e.g. by 60 I would have paid approx 33k in premiums, a company might be willing to buy the policy for 180k with the view that I may only live a further 10-15 years when they will pocket 300k). Maybe I am wrong in all this.
Quote:
"Also, as some of the other posters have mentioned these policies have regular reviews where a doubling of premium to keep existing benefits seems the norm at the moment."
Under the policy I have there is no review. If I do nothing I continue to pay a €90 premium with a value of €300k. If I increase the premium to increase the cover, this is a once off increase - there are no further reviews.
I take Stephen's point that it's not going to get any cheaper. I am not aware of any other insurers in the market who will offer a similar policy to a person my age.
Thanks again for all your help and advice. It is much appreciated.
LillyJoe
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?