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personal insurance life cover

  • 20-10-2010 8:42pm
    #1
    michael m
    Closed Accounts Posts: 22 ✭


    my broker is proposing a policy to me, this will mean my wife & I are covered for €500,000 each costing €80 per month

    also for a extra critical illness cover for €35 per month with a lump sum of €40000

    Does this sound like a reasonable cover/cost


Comments

  • #2
    eagle_i
    Closed Accounts Posts: 89 ✭✭eagle_i


    Sorry Michael, but your query is a bit too broad to give a precise answer, its like asking how long is a piece of string!

    Life insurance is a very personal product, there is no one size fits all and it is set up to suit your needs and requirements. I presume (or at least hope) you completed a full financial factfind with your adviser (in other words you completed a questionnaire with the adviser, setting out all your financial details, current insurances, savings, pension etc..), based upon that information your adviser has made some recommendations and explained why he/she suggest you need that level of cover.

    Without knowing your background it is very difficult to say whether that level of cover is appropriate to meet your needs and requirements. As for cost, without knowing your age, your smoker status and the term of the recommended cover, we can not do a comparative quote for you.

    In any event if your adviser is an independent adviser, you should had received a comparative quote showing a list of all the companies providing that type of cover and the comparative premium for each company. This will immediately show whether the premium quoted is the most competitive, however, please bear in mind the cheapest does not mean the best. There may be some other benefits to more expensive product which could mean better value for your money. Your adviser should be able to point out the difference.


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