It is hard to beat a convertible term life policy for value.Any comments about what I should look out for or is it pretty straightforward - a term life insurance for the cost of child care/cleaner?
more complex than I thought.
Thanks for those pointers, definitely useful. Michaelm, what does the convertible mean? Bronte, a good reminder about the pension situation, I should look into that (i.e. start another thread)
I was trying to calculate how much we would need and my husband reminded me that I will have to allow for summer holidays full time childcare. . . . more complex than I thought.
Michaelm, what does the convertible mean?
As SBarrett says but it adds very little to the cost of the policy. I did a back-of-the-envelope calculation as to what lump-sum one of us would need and then took out a dual, non-indexed, convertible term life policy which would see us beyond the youngest being 20. LA Brokers (no connection) are good for instant quotes and heavy first year discounts (I got my last policy from them on a Fiver Friday which was sweet).Convertible term is an add on to the policy. It give you the option to extend the term of the policy at any time during the lifetime of the plan without any medical underwriting. It is priced, however, at your age at the time of the conversion.
AFAIK you can use the conversion option but reduce the lump-sum amount.For €300,000 cover for two 39 year olds for 17 years, it costs €51 per month and €55 with conversion option. If at the end of the term, you use the conversion option to extend the term to age 65, it will cost €177 per month for the following 9 years.
It's not much dearer to go for a Dual over Joint policy. I tried same figures above (€300,000 cover for two 39 year olds for 17 years with conversion option) on the interweb and the quote was €49 per month for a Joint policy and €50 Dual policy.Is it much dearer to have cover for her and husband not just on 1st to die but to retain cover in case 2nd dies before kids can look after themselves on the one policy?
LD& Steven;
Question for you and it might inform annR and me.
We know she wants cover for circa k250 for 17 years to look after kids.I would think she may need cover on policy for husband as well?
Is it much dearer to have cover for her and husband not just on 1st to die but to retain cover in case 2nd dies before kids can look after themselves on the one policy?
ie. say k250 cover should she/he die and still hold k250 cover in case she/he also dies?
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