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Life insurance (Hobb..ing??)

  • 08-08-2011 3:29pm
    #1
    WhichWay
    Registered Users, Registered Users 2 Posts: 57 ✭✭


    I intend getting dual life assurance for 250,000Euro over 25 years with a conversion option to extend the insurance. I recently realised I have no cover for my 226k Mortgage with 25 years left (no lectures please).
    After pricing around it appears the insurance industry do not like to undercut each other. The price is nearly always the same and in 2 cases the broker would match the best price I had.
    Questions:
    · Is the conversion option worth anything? After 25 years the premium for my age would be so much it would be too expensive anyway (maybe ten times the cost now). I imagine I would only use it if I was quite sure one of the 2 of us were close to clocking out. Still it only cost an additional 4eur/m = 48eur per year.
    · It works out more expensive over the 25 years but to reduce the burden now I could just get the cover for 10 years at a lower rate (50 down to 30/month) and then be faced with a higher premium when I go to renew after 10 years. It is an enticing option to kick than can down the road a bit.
    · When Eddie Hobbs talked about credit card debt he always spoke about card hopping taking advantage of the 1st year special rates. With some of the online direct insurance suppliers you get a 60% back after the first year. Could someone insurance-hop taking advantage of the 1st year incentive every year?
    Any advise or life experiences on the subject would be appriciated.

    Good forum link to the Irish times: http://www.boards.ie/vbulletin/showthread.php?p=72814330
    Tagged:


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