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life assurance

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  • 17-03-2010 9:48pm
    #1
    LUKE 2
    Closed Accounts Posts: 2 ✭


    Hi Folks,

    I currently have a life assurance policy (with my investment mortgage), I want to do a little more and make provision for my family.

    Can anyway recommend a suitable product. I dont have a great to deal to contribute at the moment, but I would like to start the process. My main goal would be to provided for my family in the case of illness.

    Any thoughts most welcome.

    Luke


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    #2
    Andymfinancial
    Closed Accounts Posts: 60 ✭✭Andymfinancial


    LUKE 2 wrote: »
    Hi Folks,

    I currently have a life assurance policy (with my investment mortgage), I want to do a little more and make provision for my family.

    Can anyway recommend a suitable product. I dont have a great to deal to contribute at the moment, but I would like to start the process. My main goal would be to provided for my family in the case of illness.

    Any thoughts most welcome.

    Luke

    If the main purpose is to provide for your family in the case of illness your best bet is an income protection plan (PHI policy). If you are unable to work due to any illness, injury, accident or disability you will receive an income up to a certain age (normally 55, 60 or 65 whichever you prefer). The cost is based mainly on your occupation and it is also tax deductible. New Ireland do an excellent plan and irish life also offer it. There is one other life company who offer it but i would not be recommending them.

    Alternatively you can take out a serious illness plan which pays out a lump sum in the event of a serious illness such as cancer, heart attack etc (over 40 illnesses). Most companies offer these but i mainly use Zurich Life and Irish Life because the products are of a high standard and the cost is very competitive. Just a note - if you want to go with irish life always go to a broker because he can obtain cheaper prices from Irish Life than if you went direct!!


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    #3
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    .........................Level .. Convertible .. Mortgage
    Caledonian Life ..86.01 .. 92.35 .. 57.45
    Canada Life .. 105.39 .. 115.49 .. 69.03
    Zurich Life .. 94.56 .. 99.15 .. 59.01
    Friends First .. 80.69 .. 88.51 .. 63.93
    Aviva .. 83.14 .. 91.10 .. 58.68
    Irish Life .. 91.21 .. 99.68 .. 68.06
    New Ireland .. 90.79 .. 99.87 .. N/A

    Funny I just did this quote for a client and saw this thead and neither zurich or Irish Life are cheaper (although doesnt include SIC). One must broke every case imo.


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    #4
    Andymfinancial
    Closed Accounts Posts: 60 ✭✭Andymfinancial


    broker2008 wrote: »
    .........................Level .. Convertible .. Mortgage
    Caledonian Life ..86.01 .. 92.35 .. 57.45
    Canada Life .. 105.39 .. 115.49 .. 69.03
    Zurich Life .. 94.56 .. 99.15 .. 59.01
    Friends First .. 80.69 .. 88.51 .. 63.93
    Aviva .. 83.14 .. 91.10 .. 58.68
    Irish Life .. 91.21 .. 99.68 .. 68.06
    New Ireland .. 90.79 .. 99.87 .. N/A

    Funny I just did this quote for a client and saw this thead and neither zurich or Irish Life are cheaper (although doesnt include SIC). One must broke every case imo.

    The reason Irish life is cheaper is that they offer a price pledge to brokers which means they will match ANY quote on the market up to a limit. Zurich are also cheaper than standard quotes at the moment because they are offering voucher discounts to brokers !


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    #5
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    New Ireland also offer price pledges as well as other companies depending on the levels of business you place with them. The price pledge is all very well but Irish Life don't necessarily give that to those via PTSB. The question is why are they not offering cheaper rates in the first place. I ran out of my discount vouchers but got stock replenished ;)


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    #6
    [Deleted User]
    Posts: 281 ✭✭ [Deleted User]


    Price Pledges are just an industry gimmick unless you are getting a 'superior' product for the matched premium.

    In the majority of cases the product/cover is identical so the policy should be bought from the company that offers the lowest premium.

    Price Pledging does nothing for making the market more competitive to the end consumer.


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    #7
    Andymfinancial
    Closed Accounts Posts: 60 ✭✭Andymfinancial


    Deleted User wrote: »
    Price Pledges are just an industry gimmick unless you are getting a 'superior' product for the matched premium.

    In the majority of cases the product/cover is identical so the policy should be bought from the company that offers the lowest premium.

    Price Pledging does nothing for making the market more competitive to the end consumer.

    If serious illness is included then the products vary massively.


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