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Life Assurance with Accelerated Specified Serious Illness Cover

  • 30-03-2023 03:26PM
    #1
    n.d.os
    Registered Users, Registered Users 2 Posts: 1,002 ✭✭✭


    Recently I've been deep diving into our family expenses and managed to save quite a bit of money moving some things around. Something that has been hanging around for a while is our Life Assurance Policy. when we bought our house we set up this policy through our mortgage broker and never really looked back.

    Product Type: Term Assurance with Accelerated Specified Serious Illness Cover

    Lives Assured: 2 people

    Commencement date: 2014

    Expiry date: 2044

    Initial Sum Assured (Life 1) €164,250.00 (Life 2) €164,250.00

    Accelerated Specified Serious Illness Cover: (Life 1) €164,250.00 (Life 2) €164,250.00

    Current Sum Assured: (Life 1) €164,250.00 (Life 2) €164,250.00

    Accelerated Specified Serious Illness Cover: (Life 1) €164,250.00 (Life 2) €164,250.00

    Currently, we are paying €107 per month for this policy. Good? Steep? I'm not sure. I was thinking about shopping around for a better rate but I need some guidance on what I'm looking for. From what I understand, a life Assurance policy should be around €30 per month. It's quite possible that the Serious illness cover is pushing this up to the price I am paying. Still, it seems a bit steep. I know we are well protected, but am I paying too much and should I see good savings with the same policy elsewhere?



Comments

  • #2
    amdublin
    Registered Users, Registered Users 2 Posts: 20,653 ✭✭✭✭amdublin


    Serious Illness cover is expensive



  • #3
    n.d.os
    Registered Users, Registered Users 2 Posts: 1,002 ✭✭✭n.d.os


    https://www.boards.ie/discussion/comment/120420011#Comment_120420011

    Yes, I gathered that is what is pushing the price up. There might be others with the same cover on a better policy.



  • #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 18,045 Mod ✭✭✭✭Henry Ford III


    It's reasonably comprehensive cover.

    Whether it's a good fit or not for you depends on your overall financial position.

    The only way to know for sure is to get a comprehensive financial review done.

    Get proper independent advice, and be prepared to pay for it.



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