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Bank offering life insurance policy change

  • 06-11-2012 12:06pm
    #1
    lucky john
    Registered Users, Registered Users 2 Posts: 838 ✭✭✭


    My life insurance company contacted me a while ago to review a life insurance policy. They are suggesting a monthly savings of €80 and covering both myself and my wife. Below is a quick summery of the situation

    Old policy
    Premiums = €170/ month
    Pay out €200,000 on the first life.
    There is a savings part to this policy that seems to return 70% of the premiums annually.
    The adviser pointed out that this will change as we get older and that the actual saved funds will be eaten into rather than grow. We are both late 40s now.

    New policy
    Premiums= €90 fixed for 20 years. we can index it anytime if we want.
    Pay out €200,000 on BOTH lives.
    No savings part with this.

    We have completed the medical end of things and can change over now if we wish.

    The question is the savings part of the present policy. The premiums are actually cheaper when you take it in to account. They can be drawn down anytime.
    Seeing as they are eager for us to change we are suspicious of their offer.

    Any thoughts appreciated.


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,861 Mod ✭✭✭✭Henry Ford III


    Get proper advice. The bank may have sold you a less than ideal product once. No reason to make that same mistake a 2nd time now.


  • #3
    finnegan101
    Registered Users, Registered Users 2 Posts: 197 ✭✭finnegan101


    lucky john wrote: »
    My life insurance company contacted me a while ago to review a life insurance policy. They are suggesting a monthly savings of €80 and covering both myself and my wife. Below is a quick summery of the situation

    Old policy
    Premiums = €170/ month
    Pay out €200,000 on the first life.
    There is a savings part to this policy that seems to return 70% of the premiums annually.
    The adviser pointed out that this will change as we get older and that the actual saved funds will be eaten into rather than grow. We are both late 40s now.

    New policy
    Premiums= €90 fixed for 20 years. we can index it anytime if we want.
    Pay out €200,000 on BOTH lives.
    No savings part with this.

    We have completed the medical end of things and can change over now if we wish.

    The question is the savings part of the present policy. The premiums are actually cheaper when you take it in to account. They can be drawn down anytime.
    Seeing as they are eager for us to change we are suspicious of their offer.

    Any thoughts appreciated.

    even that seems expensive.... they are right though about the savings element
    pm me for more information if you want


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