Hi Guys
My wife and I have a joint life policy that gets more and more expensive every year.
FYI - I know very little about life insurance and the make up of the policies.
Anyway, my policy limit appears to grow by 5% every year. We have the policy about 5 years and we purchased our house for 585k. The life cover that is now in place has grown to €716k. The value of our home is now about 380k and amount left on the mortgage is €465k.
The policy is costing us about €110 a month now and again this appears to go up every month.
Is this the correct policy for us (in our mid 30's) or should we get out of this and look to have the amount brought down to the amount of our mortgage?
There is also an encashment value of €115. I dont know what this is!
Any advice would be much appreciated.
Regards & thanks
3rd Gen
My wife and I have a joint life policy that gets more and more expensive every year.
FYI - I know very little about life insurance and the make up of the policies.
Anyway, my policy limit appears to grow by 5% every year. We have the policy about 5 years and we purchased our house for 585k. The life cover that is now in place has grown to €716k. The value of our home is now about 380k and amount left on the mortgage is €465k.
The policy is costing us about €110 a month now and again this appears to go up every month.
Is this the correct policy for us (in our mid 30's) or should we get out of this and look to have the amount brought down to the amount of our mortgage?
There is also an encashment value of €115. I dont know what this is!
Any advice would be much appreciated.
Regards & thanks
3rd Gen