Married
Male 42 years old
2 Children, 6 and 8 years of age.
Lifelong protection plan with AIB
Monthly premium Euro 40.6
Payment on death Euro 127,000
Started payments in 1999.
Payments to date 3900
Additional payments up to age 82 = 19488
using this calc
Future value of my payments over 47 years at 5% growth =87795
I have been advised by an “independent” financial adviser to cancel this policy and take out term insurance for 400,000 for a 20 year term. I agree that I need to take out term insurance to increase my cover. But to me, the pay out of 127000 is a good return on investment for my contributions. Is the logic of my maths correct. I am using 82 as the max age I am likely to reach. Presuming I die before my wife, I see the payout as a top up to her pension.
All comments welcome.
Thanks for the feedback.
The premiums are constant. It is an AIB Life Long Protection Plan.
It is a Lifelong Protection Plan from Ark Life. According to the policy document
"Premiums will remain level throughout the continunance of your plan"
This possibly means that the premium and therefore the life cover remain level i.e. the plan is not indexed linked.It does not necessarly mean that the premium is not reviewable.Read the t/c in relation to premium review to be sure.It is a Lifelong Protection Plan from Ark Life. According to the policy document
"Premiums will remain level throughout the continunance of your plan"
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