Existing Whole of Life Policy

W

Wiggins

Registered User
Messages
8
Hi, my parents have a Whole of Life policy with Irish Life set up in 1998. My Dad is 55 and Mam 54. They do not wish the Life or Critical Illness cover to decrease so over the years their premiums have increased from 1998 = €46, 2008 = €89, 2013 = €136.
Is there any way of calculating what the premium will be in 2018, 2023 etc?
Irish Life couldn't tell me?
But I'm sure the increases would have to be based on some formula/calculation?
 
It will depend on how Irish Life's overall investment of monies received from their clients perform so really based on the fact that it is an unknown, past performance is no indicator of future performance and all that, I doubt Irish Life does know at this stage what the premium will be in the future.
 
It will depend on your parents age at the time and the sums assured. Is there a savings element to the policy? On some occasions it makes sense to cash in the savings element and take out a new level term policy for a specified term that your parents are comfortable with. By doing this the premium will probably come down and they will get the savings element of the policy. This is the case if their health is in good standing - they should ensure they are approved for the new policy prior to cancelling existing cover.

There are 10% discounts available at present so it is a great time to get quotes etc.

Alan Considine QFA
065 68 49666
086 22 22 204.
 
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