Life Insurance with 70% of your premiums returned after 15 years!
We like term life insurance as a product.
It is cost effective, easy to understand and can economically cover large sums for a specified period, especially when young.
It can be a source of great comfort to a family, if a parent dies, at least there will be funds available to make things easier.
Example
A 30 year old non smoker requiring €250.000 life insurance over 30 years costs will cost €16.91 per month
€500,000 cover currently costs less than €30 per month, we believe this is good value.
We believe that this type of protection is important especially if you have dependants.
As you get older cover costs increase dramatically.
A 55 year old looking for €250,000 cover will cost €219 per month.
The questions at this age are; do you need the cover for 30 years and can you afford it?
The typical age limit for expiry of cover under a term policy is age 85.
A reduced level of cover of €50,000 costs €47.93 per month.
Whole of Life - an alternative to consider
Guaranteed whole of life cover is an option as you get older. The product is guaranteed to pay out if you continue to pay the premiums, unlike term life insurance which has stated end date after which you are off cover.
An alternative might be to take out a whole of life policy for a lesser amount. The policy can cover final ( funeral ) expenses and leave some extra funds to cover miscellaneous issues.
The Royal London Whole of Life quote for €50,000 cover costs €93 per month . After 15 years you can opt to receive a refund of 70% of the premiums paid (€11,700) and cancel the policy or take a reduced level of cover for remainder of your like without paying any further premiums. ( In the example above the reduced cover level would be €17k approx.)
The Royal London product is not for everybody but it has the following features
- The premiums will never increase
- It is guaranteed to pay out on death with no age limit
- You can opt to cancel after 15 years and get a refund of 70% of the premiums paid
- You can opt to take a reduced life insurance cover level after 15 years and not have any further payments
Call us on 01 8327250 for advice on all your options.