I have a Whole of Life Serious Illness Policy which I've had for the past 16 years. It was an Encashment Value of approx. 3K. My Insurance Advisor has advised that I'd be better to take out a new policy as more illnesses would be covered and it would also offer better cover for my children in the event of them having a serious illness. A newer policy I'm told would also offer 'part payment' for some illnesses.
I have hospital cover on my existing policy, also. So if I should be in hospital for more than 4 nights I get a payment per night. Policy is costing me circa €900 p.a. for €80K cover & I'm told the next review will be at 20 years, at which time it may become very expensive.
I am tempted to cash the policy in and take the value now but I would like to have some cover so I'd end up taking out a new policy for a lesser value, as I'm now older hence more expensive. I am also considering leaving the policy as is until the next review but at that stage I will be 48 so I presume cover would be more expensive then.
Any advise greatly appreciated. Are the new policies better? Will Whole of Life become unaffordable?
I have hospital cover on my existing policy, also. So if I should be in hospital for more than 4 nights I get a payment per night. Policy is costing me circa €900 p.a. for €80K cover & I'm told the next review will be at 20 years, at which time it may become very expensive.
I am tempted to cash the policy in and take the value now but I would like to have some cover so I'd end up taking out a new policy for a lesser value, as I'm now older hence more expensive. I am also considering leaving the policy as is until the next review but at that stage I will be 48 so I presume cover would be more expensive then.
Any advise greatly appreciated. Are the new policies better? Will Whole of Life become unaffordable?