Life Over 70s life cover options

colin79ie

Registered User
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Parents aged 70 coming to the end of a term policy for 25 years and would like to know options on renewing. The current provider has quoted 150 euro per month for cover of 25k each over 13 years. Previous cover was for 44k each and cost 90 euros per month. Company was New Ireland.
1 smoker, 1 non smoker.

They are not tech savvy and are afraid of being ripped off.

Can anyone offer any advise on what way to go or who best to talk to on this?
 
Colin,

As age increases so do premia!

Maybe have them save 150 per month , after 5 years they have nice nest egg of 9,000 + things are in their control.
 
Ran a quick quote for guaranteed whole of life cover and got €220 a month. For a 13 month term, I can get cover for €140.70. That's dual life, so the policy will pay out twice. I presume it's funeral money they are covering, so it makes sense for the policy to pay out twice.

This assumes that they are accepted at ordinary rates ie there is nothing medically wrong with them.


Steven
www.bluewaterfp.ie
 
Yes I understand premia increase with age. They're looking for basic cover of maybe 10k for funeral etc and were hoping to go under 100 a month. Perhaps they should speak with an independent broker ?
 
Yes I understand premia increase with age. They're looking for basic cover of maybe 10k for funeral etc and were hoping to go under 100 a month. Perhaps they should speak with an independent broker ?

You're speaking to one! ;)

If they go for term cover, their hedging their bets that they'll be dead in 13 years. If they live longer, the cover term will be over and no payout.
If they go with guaranteed whole of life (the premium remains the same and is not reviewed), the premium is fixed and a payout is made no matter how long they live. Of course, the longer the live, the less value the policy is compared to if they had saved the money. Conversely, if they take out the policy and then get knocked down by a bus, they get the full payout for just one premium.

€10k cover for 13 years is €60 a month
€10k cover whole of life cover is €122 a month


Steven
www.bluewaterfp.ie
 
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