Hi,
I have a whole life insurance policy (joint life first death), valued at 210k and I pay 63euro/month.
I recently learned (via this forum), that it is likely that this policy will be reviewed when it is deemed to be uneconomical and my premium will likely rise substantially. Indeed I asked a family member about theirs and it had happened to them and they cancelled.
I am now 38 and my partner is 39.
I have received a quote online for a 30 year term policy for the same cost per month, but for increased cover of 240k.
Would I be better off cancelling my whole life policy now and taking out this term one, which will run until I am 68?
I am assuming that if I wait 5 years for the call about my whole life policy review, that the switch to a term policy will be even more expensive.
I have a whole life insurance policy (joint life first death), valued at 210k and I pay 63euro/month.
I recently learned (via this forum), that it is likely that this policy will be reviewed when it is deemed to be uneconomical and my premium will likely rise substantially. Indeed I asked a family member about theirs and it had happened to them and they cancelled.
I am now 38 and my partner is 39.
I have received a quote online for a 30 year term policy for the same cost per month, but for increased cover of 240k.
Would I be better off cancelling my whole life policy now and taking out this term one, which will run until I am 68?
I am assuming that if I wait 5 years for the call about my whole life policy review, that the switch to a term policy will be even more expensive.