I agree too that the whole of life ones are bad value, simple term insurance will do, kind of like a convertible option built in too if reasonable cost.
I do not think that whole of life policies are bad value at all. These are a great way to build up a fund for the next generation after the policy holder passes on.
In the case of the OP all he needed was a joint life, second death Policy, applicable to the mortgage amount.
Gee's Mercman that is some jump to make from reading the OP, how do you make that out?I'm sorry to state that on the information given by the OP, it appears that this is a case of mis-selling and it does need to be challenged.
FYI the mortage that the policy is linked to is a full term Interest Only mortage. This may or may not be relevant.[/COLOR]
This is what is known as a reviewable whole of life policy. Personally I think they are bad value for money. I wrote a piece about them some time ago.
Adivsors can highlight the important bits but in many cases, people don't take this on board http://www.bluewaterfp.ie
So if you know too much, get in contact with the Central Bank and report these people. http://www.bluewaterfp.ie
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