Life opinions on my life assurance cover please

Started looking around recently as I have it in my head to get my This post will be deleted if not edited to remove bad language in gear and buy somewhere in the next year or so.

What have people been finding when it come to getting life assurance? It wasn't something that I realised I needed when I had my head in the clouds until recently.
 
OP,

I would also ask you to consider if you, yourself need to be insured in the case of your death. As you aren't earning, then your husband would continue presumably to work in his job and earn money. Therefore the 'household' income would be the same.

Your husband would get the remaining mortgage paid off in any case, assuming its in both your names and the normal insurance there applies.
 
flattea2 said:
As you aren't earning, then your husband would continue presumably to work in his job and earn money. Therefore the 'household' income would be the same.
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But the household expenses wouldn't be - who would mind the three children if Dad continues to work? Homemakers should always be insured, it has been estimated that they are worth €60,000 per year.

a stay-at-home parent spending 15 hours a week cleaning at a cost of €10 per hour would add up to €150 per week or €7,800 per year. Meanwhile replacing 20 hours of child-minding a week at a market value of €15 per hour would cost over €15,000 year.
 
NorfBank said:
But the household expenses wouldn't be - who would mind the three children if Dad continues to work? Homemakers should always be insured, it has been estimated that they are worth €60,000 per year.

a stay-at-home parent spending 15 hours a week cleaning at a cost of €10 per hour would add up to €150 per week or €7,800 per year. Meanwhile replacing 20 hours of child-minding a week at a market value of €15 per hour would cost over €15,000 year.
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Yes of course, you're right. I never took that into consideration, silly me. I was just thinking from income side, didn't think of the expenses at all.
 
I have been meaning to update this thread. Basically, we decided to continue with the monthly €270 payments for the forseeable future.

According to our broker, we are overinsured by around €100,000 because husband is public sector (Yorky was right!). We have stopped the index linked payments which relieves future financial pressure.

The broker looked at other scenarios where we paid less monthly. However, as we are now 10 years older, we would not receive the same value for money as with current policy. Since we can afford it, we have decided to stay put. Also, we are due to take a routine mammagram/colonoscopy in 2011 so until the results of those tests are in, we are not going to change anything. Possibly in 4-5 years time when are oldest child is 16 and our mortgage has decreased greatly, we will make a drastic change.

On another matter, this thread has inspired us to save, as soon as possible, a few months wages for emergencies. Thanks to everyone who responded. S
 
Actually, I do have another general question regarding my life assurance. Apologies if its a silly one. When I contacted two brokers, my own and an independant one, I was given quotes for alternative cheaper policies.

Is it possible to go back to the original Hibernian policy and tweak that so that I pay less each month for reduced cover? My broker gave the impression that the original one is set in stone and cannot be altered. Is this true? Thanks.
 
Thanks Mark, That was a very clear concise account of what I should do going forward. Thanks for talking time to post, S
 
OP, you should get a fistful of cash back from the broker that sells you the Policy as the commission earned on Life Assurance Policies is very high,
(something like 80% of the first years premium). Don't be afraid to ask.
 
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