Life life assurance options

D

dido

Guest
hi folks just looking for some advice pls. im a 30 yr old garda married to another garda. i do not have a life assurance policy but want to take one out.
my wife is in a group life assurance scheme under the GRA. details below :

Members Life Assurance Scheme –
BENEFIT ​
AGE NEXT BIRTHDAY​


€350,000 ​
20 – 40th birthday ​
€225,000 ​
Serving Member 40 – 60th birthday ​
€175,000​
Retired Member 50 - 55th Birthday​
€150,000
Retired Member 55 - 60th birthday
€85,000 ​
Retired Member 60 – 65th birthday​
If a serving member is killed in the line of duty an
additional 25% Benefit is paid.​
At a cost of € 390.00 gross per member per annum. (€ 5.04 net of Tax Relief per week)
Children’s Life Assurance Scheme
BENEFIT - Cover for children of members to age 21 - € 7,500. Cost – Included in Members Scheme

Loss of Eye / Limb / Disablement – Serving Member
BENEFIT - €15,000 re accident on or off duty. Cost – Included in Members Scheme

Student Garda Assurance Scheme
BENEFIT - €30,000, for initial period of training (58 weeks). Cost – Carried by Underwriters, Irish Life Plc.

Spouses / Partners Life Assurance Scheme
BENEFIT – Of € 115,000 paid only to a member of the Association who is also a member of the Members Scheme who suffers the loss of a spouse / or nominated partner. Cost – Funded by the Association

Spouses / Partners Life Assurance Scheme – of Retired Member
GRA Members on Retirement who wish to retain a Spouse / Partner on cover (to age 65) may do so if the member contacts Penpro Limited, no later than 1 month after retirement from the Force.
Retired Members - 65 to 70 years
BENEFIT - €10,000. COST - €2 per month





the above scheme is costing her 5.06 pw after tax relief.

i am contemplating going into this scheme but i have also got a quote for life assurance from zurich covering me for 250k until aged 60 costing 4.51e pw with a conversion option at the end of it.

my q is simply which one i should go for ? the GRA one has better benefits when younger and provide benefits such as child cover etc. but my wife would already have this cover as she already in it. im at a loss as to what to do.

any help greatly appreciated.

thanks
 
Do you want term Insurance or full life Insurance ?? If you have a mortgage on your family home, this would be on a full life Policy. The Financial Packages offered by the GRA are normally very good. I know quite a few Gardai who have used quite a few of their offerings.

Some of the offerings seem very good value as is the Zurich Life quote.

It really is hard to know as in reality you are the one whose life that will be assured. I wouldn't really worry about herself having life cover as well. These are not investment policies so the end result will be the amounts you are getting covered in.

Explore all the options and as yet you do not need the services of a broker or agent. Life Insurance is a very good earner for reps selling the policies so you are doing the right thing by exploring the market.

BTW I am not a broker in any way, but someone who likes to see people make the right decision without getting ripped off.
 
hi mercman , thanks for ur reply. it would be term insurance im looking at. im more leaning towards the zurich life option at the moment simply because i have the option of extending it when i hit 60 where as the gra scheme runs out at 70 ....
 
Hi
The conversion option will be based on the applicable/prevailing rates @ your age then, ie 60, so will be a lot dearer than now.
WilliamH
 
Slightly off-topic but I disagree with the tradition of companies offering flat amounts of life cover to all comers, regardless of their particular circumstances. My circumstances might dictate that I need €200,000 of life cover; yours might require €400,000. Offering the same level of cover to all purchasers is like offering the same level of car insurance to all policyholders regardless of whether one is driving a 1984 Lada or the next a 2012 Bugatti.

Before making a decision to buy life insurance, you should first establish how much cover you need. This is a simple enough task - work out how much money your family would need in the event of the death of either partner, taking into account income, expenses, assets, liabilities and existing cover including life insurance policies. Any competent life insurance broker would be able to work this out.

Only when you have established how much cover you need should you start looking at the relative costs of different policies.

Liam D. Ferguson
 
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