Life Life insurance protection - some Qs

M

maria72

Guest
We are looking at options for Life Insurance cover. We are currently expats and in our late 30s/ early 40s ( a couple). We have no mortgage as house is paid off (bought before the boom).

I am looking at all the providers and trying to work out the best deal, and the best coverage.

I was wondering if anyone can advise on the following:

- What is the best website to use to compare various insurance covers? Or are there any recent comparisons done that I can look at?

- How much should be insured for? I have been advised that we should be looking at 500K over 20 years or so. But that seems a large amount equating to monthly payments of over E100 per month? How much should we be paying for life insurance given our ages?

- Any advice re convertible policies?

Thank you for your help!
 
Living abroad but based out of Ireland. So we would buy the insurance policy here.
 
The best way to find out the cheapest price and best product is to contact a reputable independent broker. You wont be charged anymore than dealing direct with a company unless you agree a fee in advance. There are numerous online brokers who also offer special offers which would reduce your first year costs.

In regard to convertible policies, personally I feel they are good as they dont cost an awful lot extra and allow people to get additional cover when they might not have been able otherwise. I have several clients who have excercised conversion policies in the last few years because their health changed and they could not get acceptance for cover normally.

In regard to the sum assured, I dont like just quoting figures as an ideal amount as everyone has different circumstances. Things to consider though would include;

- do you have any other outstanding borrowings that you want to clear in the event of death.
- do you have savings that you could fall back on.
- do you have any dependents (child or adult) that may need care facilities/college tuition fees covered.
- Do you both work? If only one of you works or one of you earns a lot more than the other you may consider insuring their life for a greater amount.
- What you really want to budget for as an ongoing expense, everyone wants the cheapest price possible but the greater the cover, the more expensive the policy will be.

Hope this gives you some food for thought.


www.CheaperLifeAssurance.ie
 
Do you actually need life insurance?
Do you have children?
If not, you both work, and sound like you have no commitments etc No mortgage to pay off.
Is not the purpose of LI to help cover expenses for those we leave behind.
In this case sounds like you're partner is ok and there would be no undue expenses.
Why not save the premium if there is no need.... or maybe you just want the security which is fine if you want to pay the premium
 
Back
Top