seantheman
Registered User
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- 932
just want to run this past you guys to get some input please.
the following is for a uk product but the situation would be the same were it irish i'm sure. as a 24 yr in 1988 old took out a barclays maximum cover plan(unit linked) monthly payments back then were £44 for £100,000 of life cover, continued with this for 16 yrs until around my 40ith birthday a review decided that to maintain my current level of cover i would have to increase monthly payment. i declined and the level fell to £87,000, monthly premium still £44. just had another review and it says £44 will only give £72,000 cover. to maintain £87,000 i would have to increase premium to £65 pm.i rang barclays and they told me the surrender value would be £9,300. out of curiosity i asked, and he told me surrender values were £11,100 1.5 yrs ago and £11,500 2 yrs ago.
now my kids are mid teens now, no mortgage,loans etc. would i be better at this stage of life, 45yr old , to buy 10 or 15 yr term assurance and cash in the uk policy. any advice appreciated
the following is for a uk product but the situation would be the same were it irish i'm sure. as a 24 yr in 1988 old took out a barclays maximum cover plan(unit linked) monthly payments back then were £44 for £100,000 of life cover, continued with this for 16 yrs until around my 40ith birthday a review decided that to maintain my current level of cover i would have to increase monthly payment. i declined and the level fell to £87,000, monthly premium still £44. just had another review and it says £44 will only give £72,000 cover. to maintain £87,000 i would have to increase premium to £65 pm.i rang barclays and they told me the surrender value would be £9,300. out of curiosity i asked, and he told me surrender values were £11,100 1.5 yrs ago and £11,500 2 yrs ago.
now my kids are mid teens now, no mortgage,loans etc. would i be better at this stage of life, 45yr old , to buy 10 or 15 yr term assurance and cash in the uk policy. any advice appreciated