Acorn Life Insurance

cavan4sam

Hi there. Just wondering if anyone has heard of this company or would recommend them. some of their policies seem too good to be true. eg we have a policy with another company for mortgage protection and nothing else in which in the event of one of us dying they will pay out the amount to cover the mortgage and it is for the term of the mortgage. acorn however cover the whole of life and give 2 payouts as opposed to one. need to know bit more about them. thanks for any help.

coylemj

and you couldn't be bothered looking them up on the web??

http://www.acornlife.ie/company-history.html

phormium

Not really comparing same sort of policies. Basic bog standard one that pays off mortgage is probably fixed premium for length of policy and yes it will just pay off the mortgage. Whole of life policy will have review dates probably after first 10 yrs and 5 yearly after that or something similar, each time it is more than likely the cost will rise. Fast forward to when you are a lot older (dont know what age you are now) and as you can imagine the cost will increase substantially, yes you will be guaranteed a payout when you die but will you be able to keep paying for the policy or will it be worth it?

Get some independent advice if you can, could be costly otherwise.

(BTW nothing wrong with Acorn, just type of policy.)

Kennie1

What you have is a reducing term assurance policy i.e. as you pay off the mortgage the life cover reduces accordingly, this is the cheepest type of life cover and is usually the best type of cover. I would be quite be careful when advised to cancel an existing policy to take out a new policy and I would ask for a written comparson between both policies!!! What they have asked you to take out is a flexible whole of life plan and the premium is reviewable but the review date can be anything from 10 years as per previous post to 30 years and every 5 years there after, however be aware that there is a huge premium increase at the review date. I know on Acorn's policy documents that they tell you what the expected premium will be at the review date. Why dont you shop around and get quotes from all the life companies or a broker, there is great value out there at the moment and financial advice is free of charge from the life companies if you dont buy from the life office.

broker2008

If memory serves me correctly not the first time that a new poster has requested info on Acorn Life :rolleyes:

bailes

best advice would be to shop around.

The policy you are about to take out is probably indexed which means the benefit will increase every year, however the premium you are going to pay will also increase usually by a higher percentage and there may also be a review involved which means that hey can increase the premium paid by you at their discretion.

Whilst i don't have an issue with acorn life as a company i do have an issue with some of the sales tactics used. i strongly suggest you talk to a broker who after undertaking a fact find which is essentially a full financial review on you, the broker should make some recommendations based on that information.

I happen to be a broker, i am new to this site and am not sure on the advertising policy because i agreed to the terms and didn't read them all.

if there is a reply to sender facility and you want some help i can point you in the right direction through PIBA (Professional Insurance Brokers Association)

razor8

where can you find what illness's are covered under a policy without contacting company