B
back2ireland
Guest
First post, not sure where to put it to be honest.
I am 34, hubby is 35 and we have 3 yr old. Hubby has good salary and we have a 360k mortgage on house valued at approx 650k (at the moment...)
My confusion stems from all the different policies we have signed up to over the years. We have lived in England and America and are now back in Ireland.
In England – in 1994, took out an endowment policy each when we bought a flat. Sold flat in 2000, but continued to pay premiums, figuring when it ends in 2019, nice little sum towards child(ren?)s education (target 25k each). Our premiums are approx 40stg per month each. Payment on either death, about 50k. My policy is with Standard Life (not With Profits, his with Norwich Union, with Profits). Mine currently valued about 7k Stg,
In America – took out policy, think it’s called a ‘Whole Life Policy’ when bought a house in 2000. My premium is 40USD and his is 60USD per month. On my death 100k, on his death 125k. This is invested and after retirement age we can withdraw funds tax free (I think. Cannot remember all the details. Sold to us by a Financial Advisor, sort of a friend, but rather think he was after the commission…)
Just checked my paperwork, maturity date 2073 (I would be 101! Surely not paying premiums til then. Anyone familiar with this stuff?).
Hubby’s Death in Service would bring in about 400k euro. Not sure we need any extra on him really. I do not work (except for chasing 3 year old round all day. Work indeed). Mortgage would be paid off on either death. I know I need some life coverage, but would almost rather just pay straight life cover.
We both have small UK pensions, and 401(k) retirement plans in USA. His valued approx 60k USD, mine 25k. He also contributes to company pension here.
Have 11k USD in mutual funds in USA. Feel we should bring it over, but exchange rate not great. Have 20k euro in Northern Rock demand online. Also feel like we should be investing monthly here, at least 150 (child benefit) if not more. No debt other than mortgage.
We often talk about seeing a financial advisor here in Ireland, but not sure we would trust advice given (going on past experience). I just don't know what we should continue to pay, what should we cash out and bring here and what to do with it here. My head is spinning!
Sorry, lots of info, and it is confusing but anyone have any questions, thoughts or suggestions?
Thanks, gotta go, 3 year old wants something...