life insurance

lillycakes2

Hi all,

my partner and I are in process of having our house built, we recently got our mortgage and have made first draw down. All going good.
we had to take out life insurance in order to get the mortgage.
We are paying approx. 47 euro each monthly now with irish life.
I am just wondering is this decent? could we be paying less I wonder? we are not sure who we should go and talk to as there are so many insurance companies, we onbviosuly spoke to a financial advisor the day we signed for this current insurance but the bank were recommending this person/ irish life.
We are not sure what we should be paying at this stage of the mortgage? house is just being built and only drawing down the mortgage? do you guys think we are paying too much?
we feel we are?

thanks
we have no kids

JTMan

It all depends on your age, the amount converted and the lengthy of time converted.

I'm paying 21 EUR a month with a large amount converted.

I'm with Royal London. I got the life assurance via LaBrokers.ie

Suggest you do a companion there and also on a few other companion websites.

pwurple

Like poster above, hard to compare.

if you covered the whole mortgage with the life policy, then the amount drawn down now doesn't matter much. If either of you are hit by the proverbial bus, I assume you still want to finish the house.

I have three policies. Just to give you an idea of cost changing with age... The one taken out when I was aged 23 cost 19 euro a month, aged 30 was 29 euro a month and aged 35 is 45 euro a month. Amounts insured are similar in each case.

thomasm

Put up the amount, term and your ages and someone will quote you. Cheapest cover is not with Irish Life. Life cover is a simple policy, you die and it pays out. That why you go with cheapest. It’s not subjective like serious illness cover where the cheapest may not be the best option. Zurich have 15% and 17.5% discount on cover for a long time now and are the cheapest normally.

Henry Ford III

Depends what you are covered for OP.

Premium is hefty enough which suggests either S.I. is involved or perhaps you smoke?

Ignore 99% of what's posted here as whilst it's well intended, it's guesswork.

Get proper advice from an Independent QFA.




p.s. Banks are not independent. Their advice is therefore tainted.

Trish56

It depends what type of policy you took out which could be (1) Mortgage Protection which is all is required to comply with the conditions of your mortgage or (2) A level term policy or (3) Serious illness cover could be included in 1 or 2.

The policy cover should have been explained to you when you took out the policy and you would also have received a Statement of Suitability.

I would recommend you check your policy document and Statement of Suitability and then contact a broker or check online to compare premiums.

fryup

what happens if everyone starts kicking the bucket courtesy of covid 19.....will the insurance companies pay up or weasel their way out?