thejuggler
Registered User
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- 133
Looking for some advice about Life assurance please.
When we purchased our house about 12 years ago we took out a Life Options Plan 'Whole of Life' policy with Irish Life. This was sold to us by a Financial adviser working for the Estate Agent.
Perhaps foolishly we never reviewed the policy. We receive an annual update from Irish Life and pay 39.14 monthly for a sum assured of €156,400.
Yesterday out of the blue I received a letter from the Estate Agent financial adviser telling me that 'We can help you save thousands and get a tax free lump sum of €2752.21'.
It goes on to tell me that the Premium review date on the current plan is 8/1/2017 and that premiums are likely (in their experience) to double after the review.
They then presented an alternative .
Switching to a 'Guaranteed Premium' convertible term plan can provide the same cover with cover available up to age 85. They provide the example of a Dual Convertible Term of 15 years for both my wife and I. The life cover sum assured is €156.400. The new guaranteed premium is €29.91.
Benefits include Surrender value of €2752.21 returned to us now.
Like for like benefits with cheaper premiums over term.
Guaranteed premiums - no increases throughout the term.
No medical details required to convert cover to age 85 if required.
On the face of it looks like a good deal but not being familiar with life assurance maybe I'm missing something. Is there a catch?
I think if I was to proceed I would like to reduce the sum insured to the current mortgage value of the house which should cut costs further. We already have life assurance through our jobs plus VHI so its not a requirement for anything other than clearing the mortgage.
Any advice?
When we purchased our house about 12 years ago we took out a Life Options Plan 'Whole of Life' policy with Irish Life. This was sold to us by a Financial adviser working for the Estate Agent.
Perhaps foolishly we never reviewed the policy. We receive an annual update from Irish Life and pay 39.14 monthly for a sum assured of €156,400.
Yesterday out of the blue I received a letter from the Estate Agent financial adviser telling me that 'We can help you save thousands and get a tax free lump sum of €2752.21'.
It goes on to tell me that the Premium review date on the current plan is 8/1/2017 and that premiums are likely (in their experience) to double after the review.
They then presented an alternative .
Switching to a 'Guaranteed Premium' convertible term plan can provide the same cover with cover available up to age 85. They provide the example of a Dual Convertible Term of 15 years for both my wife and I. The life cover sum assured is €156.400. The new guaranteed premium is €29.91.
Benefits include Surrender value of €2752.21 returned to us now.
Like for like benefits with cheaper premiums over term.
Guaranteed premiums - no increases throughout the term.
No medical details required to convert cover to age 85 if required.
On the face of it looks like a good deal but not being familiar with life assurance maybe I'm missing something. Is there a catch?
I think if I was to proceed I would like to reduce the sum insured to the current mortgage value of the house which should cut costs further. We already have life assurance through our jobs plus VHI so its not a requirement for anything other than clearing the mortgage.
Any advice?
