Where do I stand with my insurance

O

Oxford1

Registered User
Messages
2
Hi, I am new to this forum and I was wondering if anyone would have any suggestions. My husband and I took a mortgage in 2004 and have got life insurance to cover the mortgage in the event of death. We have been offered another type of insurance called Life Option with Irish Life that we took for which we are paying 46 E per month(started with 30) that includes the following:
- Life Cover of 16 000 for me and 16 000 for my husband
-Independent specified illness cover of 50K for me and 50 K for my husband
- Child benefits includes life cover 4K and specified illness cover of 20K
The investment value of the plan at the moment is 245 euro

I was just wondering if anyone would have any suggestions. Is there any better value on the market at the moment or in other words are we getting good value for money with this cover or should I cancel the policy and look for something else. Also my child which is 11 is in a process of being diagnosed with some cardiovascular irregularities. I am going to check if she is covered by this policy. Just going forward I am wondering what is the best path to take to make sure that we are adequately covered for life and critical illness cover.
 
Insurance is a mine field !
........................
1. Good you have mortgage covered.
2. These specified illness covers ,unless fully explained, have a habit of not covering what you think.
3. I would be concerned that specified illness cover may not cover childs condition.
4. Investment value always concerns me , my opinion (for what it is worth) is linsurance is not investment.
5. Do NOT cancel until you see if what you have has value.

There are a lot of good/competent Insurance Brokers,
Get one and do a full review.They will be delighted to help and will advise.

From your own view then
1.Work out your minimum requirements @ least cost.
2. Work out what else you would like to have.
THen compromise.
 
You must log in or register to reply here.
Back
Top