We have a modest life protection (joint whole life) policy which we took out to cover a mortgage equity release loan which has now been paid back. ( Life Cover of €68,206 @ €131.41 / Qtr)
We have additional adequate life protection cover from my employment ( I am 52 , my spouse is 54 (homemaker) ) but this employment related cover will end on retirement - I may retire early so lets assume that this will be in (say) 8 years time. I wish to maintain at least this level of Life Ins cover in retirement.
I understand that taking out new insurance at that age (ie 60) is very expensive.
Although I will be paying for unnecessary cover for the next 8 years, is it preferable for me to retain the policy on the basis that I can continue using it once my employment life ass cover lapses? ... If I wanted to increase the cover then does the fact that I have had the policy for almost 20 years help me or is it any different to just taking out a new policy at the time.
Policy is with Irish life - it is notable that in recent times they have been inceeasing payments to reflect quote: 'the cost of providing benefits .. as you get older' - Is that approach correct ? and if that is the case will it essentially be no different to starting from scratch at 60
Regards
We have additional adequate life protection cover from my employment ( I am 52 , my spouse is 54 (homemaker) ) but this employment related cover will end on retirement - I may retire early so lets assume that this will be in (say) 8 years time. I wish to maintain at least this level of Life Ins cover in retirement.
I understand that taking out new insurance at that age (ie 60) is very expensive.
Although I will be paying for unnecessary cover for the next 8 years, is it preferable for me to retain the policy on the basis that I can continue using it once my employment life ass cover lapses? ... If I wanted to increase the cover then does the fact that I have had the policy for almost 20 years help me or is it any different to just taking out a new policy at the time.
Policy is with Irish life - it is notable that in recent times they have been inceeasing payments to reflect quote: 'the cost of providing benefits .. as you get older' - Is that approach correct ? and if that is the case will it essentially be no different to starting from scratch at 60
Regards
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