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New corp Life benefit, cancel private Life cover?

  • 16-09-2023 11:16am
    #1
    jkforde
    Registered Users, Registered Users 2 Posts: 2,021 ✭✭✭


    hi all

    I've a new corporate Life benefit, so should I cancel my private Life coverage? thinking if I lose my job in the future, and do not go straight into a new position, I'll have no life cover and would have to start again at an older age..

    (btw, usual moan about the useless search function on here, I did try to find previous similar posts..)

    🌦️ 6.7kwp, 45°, SSW, mid-Galway 🌦️

    "Since I no longer expect anything from mankind except madness, meanness, and mendacity; egotism, cowardice, and self-delusion, I have stopped being a misanthrope." Irving Layton

    Post edited by jkforde on


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,622 ✭✭✭✭coylemj


    You'd also have the possible issue that if you changed job or were made redundant and had to start a new policy, it might (because of your age) involve a medical. Which could raise an issue which results in difficulties getting a new policy for an affordable premium.

    That said, if you keep your personal policy, you might find that you have too much cover. So I'd carefully sip a sample of that soup before slurping a spoonful!



  • #3
    odyssey06
    Registered Users, Registered Users 2 Posts: 33,990 ✭✭✭✭odyssey06


    The what happens if change jobs is an important consideration.

    Also, if you are planning to get a mortgage in future / trade up you could use the cover in your own name towards that.

    "To follow knowledge like a sinking star..." (Tennyson's Ulysses)



  • #4
    jkforde
    Registered Users, Registered Users 2 Posts: 2,021 ✭✭✭jkforde


    thanks both for your replies, good food for thought! might keep the policy but reduce the assured amount \ premium.

    🌦️ 6.7kwp, 45°, SSW, mid-Galway 🌦️

    "Since I no longer expect anything from mankind except madness, meanness, and mendacity; egotism, cowardice, and self-delusion, I have stopped being a misanthrope." Irving Layton



  • #5
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,858 Mod ✭✭✭✭Henry Ford III


    Some group D.I.S. schemes will have a continuation option which means that on leaving service you can take out personal cover without medical evidence.

    Check with the admins.



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