converting insurance policy

T

Trustmeh

Registered User
Messages
330
I have a mortgage protection policy since 2002 on a house that is now sold with BOI. We never stopped this policy and now they are offering a choice.

Cash in the policy for 3k or convert it to whole of life policy and get 160k in the event of me or my wife dieing.
This new policy is only 50/month so seems like a decent deal to keep it going.

Should I be looking for any gotchas? It seems a bit too good to be true is my worry.
 
You would need to read the t&c's carefully. Is the €50pm guaranteed for life or is there a reviewable clause built into the policy (look up reviewable whole of life policies for the issues with these policies)? This cover would be very unusual for a mortgage protection policy, so it sounds like a reviewable WOL policy, so tread carefully.
 
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