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Bank of Ireland Life cover

  • 02-05-2014 9:17pm
    #1
    rekcaks
    Registered Users, Registered Users 2 Posts: 92 ✭✭


    As a condition of my mortgage with BOI i have to have Life cover.


    I have been sent out a renewal with ''Standalone specified Illness'' and ''Lump sum on death'' cover on the schedule.

    My question- Are both types of cover necessary?  Can i just take the ''Lump sum on death'' ?

    Im trying to keep cost down as much as much as possible.


Comments

  • #2
    Yakuza
    Registered Users, Registered Users 2 Posts: 5,141 ✭✭✭Yakuza


    You don't have to take out a policy with Bank of Ireland Life. What you need to cover a mortgage is called Decreasing Term Assurance. As the sum assured falls over the term of the policy, it is cheaper than a normal policy where the sum assured stays the same or even increases over time with inflation. For the purposes of covering a mortgage (from the bank's point of view), you don't need serious illness cover.

    There is nothing wrong with those other policies, but for someone looking to keep cost down to a minimum (perfectly understandable in these straitened times), DTA is the best bet in my opinion.

    Disclaimer : I work in the IT end of the Life Assurance industry and  am not qualified to give financial advice, so you should talk to a broker (you can find a good many brokers and online quote engines with google) to get advice that best suits you. They should be able to find a product that is the best fit for your specific circumstances.


  • #3
    Bank of Ireland: Billy
    Closed Accounts Posts: 1,066 ✭✭✭Bank of Ireland: Billy


    Hi rekcaks, 

    Many thanks for your post. 

    The best thing to do in this instance is to speak to a Mortgage Advisor in your branch who will be happy to advise of the most economical option available. You can find a full list of branch contact numbers here

    Thanks

    Billy


  • #4
    seanin4711
    Registered Users, Registered Users 2 Posts: 3,202 ✭✭✭seanin4711


    i have likfe cover with BOI since 2004 and its 73euro a month(fair whack).
    wondering whats the effect of me cancelling it?
    i have 18K + accumlated over the last 14years.
    can i recoup this money?
    thanks


  • #5
    Bank of Ireland: Sarah
    Closed Accounts Posts: 1,640 ✭✭✭Bank of Ireland: Sarah


    seanin4711 wrote: »
    i have likfe cover with BOI since 2004 and its 73euro a month(fair whack).
    wondering whats the effect of me cancelling it?
    i have 18K + accumlated over the last 14years.
    can i recoup this money?
    thanks


    Hi Seanin4711,

    Thanks for contacting us on Boards.

    Usually a Life policy is held to pay out a lump sum or a monthly payment to your family in the event of your death within a certain period of time. We would advise you to speak with our Bank of Ireland Life team as they will be happy to discuss this with you further. Please call them on 1890 309309 and they will be happy to help you.

    Thanks,
    Sarah


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