What you 'should' do depends on your circumstances.Its a real minefield what have others done?
What's the reason for the conversion option, and what would it convert to?I would want a sizeable, say 20+ year, non-indexed convertible dual life term policy.
I got something similar for a bit cheaper recently so do shop around.(30 euro for 300k each over 20 years inflation linked).
We were thinking of getting around 300k per person at 60 euro per month between us. (30 euro for 300k each over 20 years inflation linked).
Then someone suggested getting rid of the mortgage protection instead of one of the policies.
So it's an extension option, not a conversion option.At the end of the policy you have an option to extend it at prevailing rates without any medical questions. The conversion option adds very little to the cost.
A 30 year policy at your age will cost 150+ per month for 300k. Why do you want insurance beyond retirement age when your mortgage will be paid off, and you'll have lump sums from pensions?maybe makes most sense to go for a 25 or 30 year policy that can be changed at that age with no medical questions?
Note, 'critical illness' and 'income protection' are different things.critical illness cover etc
Many income protection policies also only pay out in very limited circumstances and for limited periods rather than indefinitely. Many such policies are also very poor value for money.income protection, which pays an income for as long as you are unable to work due to illness.
If that's the type of policy you've bought. Just buy a better policy.Many income protection policies also only pay out in very limited circumstances and for limited periods rather than indefinitely.
I've never had such cover but a lot of critical illness/income protection policies are very restrictive in terms of when and for how long they pay out.If that's the type of policy you've bought. Just buy a better policy.
I'd love to see some references from your research on income protection to back up such a blanket statement.I've never had such cover but a lot of critical illness/income protection policies are very restrictive in terms of when and for how long they pay out.
Keep it simple..Mortgage Protection for your mortgage. Level term assurance for simplicity and for peace of mind.
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