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Life Assurance - Any better alternatives?

  • 30-04-2008 10:40am
    #1
    eddiem74
    Registered Users, Registered Users 2 Posts: 2,027 ✭✭✭


    Myself, and my wife are in our early thirties, we have 2 kids, 1 a teenager, and one younger. We currently have life assurance via a "Total Care" policy with New Ireland Assurance.

    We are covered for Life Cover (mortgage amount), critical illness (20k), and also children are covered.

    To be honest I don't even fully understand all the in's and out's of it, but we have had this policy for 2 years, and at the time obtained it via a broker who said this was like the "Rolls Royce" of policies.

    It's only costing at the moment just over 70euro a month, however I was just wondering what folks thought, in terms of the policy or if I should be looking at something else?


Comments

  • #2
    broker2008
    Registered Users, Registered Users 2 Posts: 750 ✭✭✭broker2008


    Totalcare is a Unit Linked Whole of Life policy which is flexible insofar as one can increase/ decrease death benefit / serious illness and/or premium subject to minimums. Generally, the policy is "reviewed" after 10 years to ensure that the premium is sufficient to pay for the benefits. Each monthly premium buys units for the "Managed fund", the dearer the units, the less number of units that each premium purchases. The cost for the life cover/serious illness is taken from the units purchased. The actual cost increases as one gets older. Premiums are not guaranteed and could rise. Term Insurance (Level term) on the other hand has guaranteed cover and guaranteed premiums for guaranteed term.


  • #3
    eddiem74
    Registered Users, Registered Users 2 Posts: 2,027 ✭✭✭eddiem74


    broker2008 wrote: »
    Totalcare is a Unit Linked Whole of Life policy which is flexible insofar as one can increase/ decrease death benefit / serious illness and/or premium subject to minimums. Generally, the policy is "reviewed" after 10 years to ensure that the premium is sufficient to pay for the benefits. Each monthly premium buys units for the "Managed fund", the dearer the units, the less number of units that each premium purchases. The cost for the life cover/serious illness is taken from the units purchased. The actual cost increases as one gets older. Premiums are not guaranteed and could rise. Term Insurance (Level term) on the other hand has guaranteed cover and guaranteed premiums for guaranteed term.

    So would you recommend this policy or are there better alternatives?


  • #4
    broker2008
    Registered Users, Registered Users 2 Posts: 750 ✭✭✭broker2008


    As you have already taken policy out, you probably would be better off leaving it in place.


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