Life With Profits Endowment Savings Policy

H

HT2211

Guest
In 2001, we bought "With Profits Endowment Savings Policy" for term 25yrs. We pay monthly premium to receive in 2025 "sum assured plus bonus on maturity provided that premiums are paid up to maturity or on first death of lives assured during the 24 year policy term providing that premiums are paid up to date"

We calculate that premiums saved will give us a loss return of €2 or €3K after 25yrs. We complained about product that was sold to us by Broker and Assurance Co. have offered to return our premiums paid and cancel policy and associated life protection.

Don't know if we should get our money back or continue paying for the sake of life protection cover. In real need of some financial advice.
 
Thanks for advice...I presume one's age is factored in to life protection insurance cost....our reservation is if we cancel current policy, new policy may not offer any advantage (49 & 52) ?
 
Get a quote for the cost of replacing the life cover element. But make sure you go all the way through the application process including getting a formal offer of acceptance in writing BEFORE you cancel the existing cover. Just in case...

If there is a surplus left over then work out what the difference saved in a bank account would be worth in 2025.
 
Thanks again, ...expect Government to increase levy (again..) from 1.5% in next budget, monthly premium €76.94, sum assured €18,229
 
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