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  • 21-02-2017 11:20am
    #1
    restive
    Banned (with Prison Access) Posts: 1,066 ✭✭✭


    New Member

    I have a bank of Ireland life policy that costs €47 a month. It is for 113,000 and has critical illness cover of 50,000. I requested an up to date policy from the bank. The policy makes reference to Balance managed fund of 484.913 units - a bid price of €2.65 and a value of €1,285.01. I have 75,000 outstanding on the mortgage. I want to switch the policy to a lower repayment. How do I go about this? What will happen to the the Balance managed fund of €1,285.01 if I do switch.


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,852 Mod ✭✭✭✭Henry Ford III


    Consult a broker. I reckon you'd do a lot better than looking at BOI products only.


  • #3
    restive
    Banned (with Prison Access) Posts: 1,066 ✭✭✭restive


    I have looked around for a broker and am unable to find a local one. A lot seem to have gone out of business with the crash.


  • #4
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    You need an insurance broker not a mortgage broker, there are loads of the insurance ones around.


  • #5
    restive
    Banned (with Prison Access) Posts: 1,066 ✭✭✭restive


    Does anyone know what thev€1,285 means


  • #6
    restive
    Banned (with Prison Access) Posts: 1,066 ✭✭✭restive


    OK so I spoke to a broker. I thought it was mortgage protection insurance. It's actually a BOI "life care plan" i.e. life insurance with critical illness benefit, that covers the mortgage as well. The Broker seemed to think it was good value. He priced the policy against
    Other similar policy's. I can cash in the €1,285.01 when I want to.

    I could get Mortgage protection insurance for about €10 a month on the €75,000 still owing.


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