I'm reviving this thread since I recently received a letter from Irish Life about my Lifestyle Protector Plan policy.
As of 1 February, 2016, I will have to increase the premium to maintain the same level of cover. The situation is as follows:
Current cost of cover is €142p/m for €190k illness cover and a value of €5.5k
Suggested alternatives are as follow...............
Option A: Specified illness cover €190k
Revised Premium €250.00 p/m
Option B: Specified illness cover €145k
Maintain same cost of cover €142p/m
Option C: Specified illness cover €170k
Revised premium €194p/m
I'm 55, non-smoking, commercial photographer.
My wife is 8 years younger, civil servant.
We are double income, no kids.
I could afford the extra premium, but I also am reasonably secure as I am. We could easily live on what my wife earns.
So, should I simply pocket the extra premium money and allow the level of cover to drop?
Thanks.
D.