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Irish Life

  • 04-06-2008 9:45pm
    #1
    Jet Black
    Registered Users, Registered Users 2 Posts: 3,845 ✭✭✭


    Hi all.
    Have a question about an irish life policy. My parents gave me a letter and said they dont understand one of the things on it.
    The layout is

    Date started 01/July/1984
    Lives covered xxxxxxxxxxx
    Life cover €xxxxx
    Quarterly payments €xx
    Total payments €xxxx
    Current protection value of your fund €xx

    They are trying to figure out what 'current protection value of your fund' is. Anyone know? Thanks


Comments

  • #2
    littlefriend
    Registered Users, Registered Users 2 Posts: 1,900 ✭✭✭littlefriend


    Does it say 'protection' or 'projection'


  • #3
    Jet Black
    Registered Users, Registered Users 2 Posts: 3,845 ✭✭✭Jet Black


    littlefriend wrote: »
    Does it say 'protection' or 'projection'

    Protection.


  • #4
    littlefriend
    Registered Users, Registered Users 2 Posts: 1,900 ✭✭✭littlefriend


    At a guess I'd say it is a with profits policy. This type of policy usually has a bonus added to it each year. Once the bonus amount has been declared and added the value of the fund can not drop. I'd imagine that is what they mean by 'protection value'

    There should be a terminal bonus added when the policy reaches maturity and if the policy was taken out in 1984 it should be a fairly decent amount.
    Again I'm just taking an educated guess here - maybe get one of them to ring IL tomorrow. Or if that kind of thing is likely to confuse your parents, ring them yourself - you don't need specifics about their policy just the meaning of the term


  • #5
    Jet Black
    Registered Users, Registered Users 2 Posts: 3,845 ✭✭✭Jet Black


    Thanks littlefriend. I will be giving them a call tomorrow. I just wanted some idea before I got on to them.
    Cheers.


  • #6
    port
    Registered Users, Registered Users 2 Posts: 144 ✭✭port


    AFAIK Irish life dont sell with profit policies.Your query possibly relates to a surrender value.


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