Life Insurance - Max Limit?

[imalwayshappy]

Hi,

Is there a maximum amount in Ireland of how much a life company will pay out in a life insurance policy? I am over insured, I know that but it gives me great comfort knowing that my family will be looked after well in the event something should happen to me. I have c. 1.5m in cover each life insurance across 3 policies for both my wife and I (small mortgage left). I would like to make sure that I am not paying these monthly premiums to be told that there is a limit of 800k or something, is the maximum either I or my wife can receive? I have looked through the documentation and there doesn't seem to be anything in this.

Thank you

 

[Steven Barrett]

Insurance company forms ask a question to see if you have combined cover over a certain amount (varies on the insurer). As long as you answered that, you are fine.

There is no limit per se, it is the insurable interest. Someone earning €500,000 a year can easily justify a €5 million policy where someone on €50,000 can't. Why would they want so much in cover? They would most likely be refused cover at that high an amount.


Steven
www.bluewaterfp.ie