Best Deal on Life Cover?!

I

idontknow

Registered User
Messages
92
We are taking out a mortgage at 363k and I was wondering could someone give me some advice on what type of Life cover is the best value?

I got the following quotes via www.labrokers.ie
(they give you a rebate of their commission - recommended by Eddie Hobs in his magazine !)

Male aged 31 Female aged 29 non=smokers, duration 35 years
Morgage Protection
€38 per mnth (Hibernian)
Joint Life
€70 per mth with conversion option &
€73 with conversion & indexed linked (Eagle Star)
Dual Life
€72 with converstion option
€75 with converstion option & index linking (Eagle Star)
€66 without conversion & IL (Irish Life)

Convertible term seems good value given that its not much more. The index linking option means your premium is also indexed linked so not sure about it.

Any advice would be appreciated

Thanks...........
 
Mortgage Protection pays off the outstanding ortgage balance owing to lender at time of death.

Joint Life pays out in the event of death of one of the insureds only, ie first death.

Dual Life pays out on both deaths.
 
Indexation will keep your life cover (and premiums!) in line with inflation - calculated at 5% p.a.

It depends on what kind of policy you're intending to take out. For basic mortgage protection there is no need for it. If you intend to have children and use the policy as life cover as well as mortgage protection, then index linking a policy might be a good idea but again it is entirely up to you.
 
Here's something to be aware of before signing up for an index-linked policy. Most such policies index the cover at a fixed 5% per year. Some index the premium at a fixed 5% per year also. Some index the premium at 7.5%, 8% or a variable discretionary amount.

Over the long term, a premium that indexes at 5% per year can work out cheaper than one that indexes at 8% per year, even if the initial premium is higher.

Check this with your broker before signing up.

Liam D. Ferguson
www.ferga.com
 
That's helpful thanks. I am leaning towards dual life with conversion option, just wasnt sure about the indexing linking
Might even go for a longer term if it is good value. Whole life policies seem to be quite expensive
Would rather take out a life policy know to cover mortgage and other eventuallities (when you have kids etc) as it might be more expensive later in life.
 
You must log in or register to reply here.
Back
Top