Just looking at my latest correspondence from my Life Assurance provider (Irish Life). The current benefit for me and my wife are €16,638 (each) and the cash/fund value is €24,898.33.
As my thread title asks, what is the difference between the benefit and the cash/fund value ?
I'm sure this sounds like a stupid question, but it does baffle me.
It sounds as if you have a unit linked life cover plan. Your premium goes into a savings plan and the cost of the life cover is taken from that plan. The amount you have in your savings plan is currently higher than the death benefit. So, is the life cover worth keeping at all? Afterall, it is only taking away from your savings.
Will the plan pay out on both deaths?
Will the plan pay out the life cover and savings element?
The cost of life cover under these plans becomes very expensive as you get older, so you need to get good advice on it.