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looking for life insurance over 50

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  • 23-10-2008 6:49am
    #1
    shawnee
    Registered Users Posts: 1,830 ✭✭✭


    My wife and I are over 50 and we have one child. We would like to get a life policy and it seems that there is a myriad of them out there and it is quite confusing. Any recommendations for a reasonable priced policy that would pay out approx 75 to 100 k on death of either ?


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    #2
    [Deleted User]
    Posts: 281 ✭✭ [Deleted User]


    You need to decide on how long you want the policy to last. What I mean by that is, do you want the policy to cover you for the next 25 years or do you want a policy that that continues until death.

    A Level Term Policy is where you choose a fixed term and sum insured and the premium is guaranteed not to increase for that term. €100,000 cover for a couple in their mid fifties (non smokers) would cost in the region of €100pm over the 25 years. This policy would end at the end of the specified term.

    If however you want the policy to continue until the demise of either of you, it will probably cost you double that. This is a Guaranteed Whole of Life policy. Do not buy a 'Unit-Linked' Whole of life policy.

    If you are in good health and do not have any adverse medical conditions, you should be able to buy this cover without the need for reports from GPs or full medicals.


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    #3
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    Caledonian can be very competitive , I'd ask them for a quote.

    Canada Life do a 'price pledge' on all term plans; you find a price, they'll beat it.


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    #4
    wasim21k
    Registered Users Posts: 438 ✭✭wasim21k


    Deleted User wrote: »
    €100,000 cover for a couple in their mid fifties (non smokers) would cost in the region of €100pm over the 25 years. This policy would end at the end of the specified term.

    If however you want the policy to continue until the demise of either of you, it will probably cost you double that. This is a Guaranteed Whole of Life policy.

    just did some calculation for 25 year cover may be i m thinking all wrong but...
    100pm
    100X12=1200 for each year
    1200x25=30000 for 25 years
    what if you put 100/pm euro in some saving account then?


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    #5
    redroar1942
    Closed Accounts Posts: 388 ✭✭redroar1942


    wasim21k wrote: »
    just did some calculation for 25 year cover may be i m thinking all wrong but...
    100pm
    100X12=1200 for each year
    1200x25=30000 for 25 years
    what if you put 100/pm euro in some saving account then?

    And what if you die before the 25yr term and you have 2/4/6 years of savings, not much use to your survivors. L.I. shouldn't be confused with savings or investments. Similar to Gerards I dont like the whole 'unit linked' concept.


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    #6
    tHE vAGGABOND
    Registered Users Posts: 6,687 ✭✭✭tHE vAGGABOND


    When you have a vague idea what you want go to a broker - and get quotes from a bunch of them.

    I know the guys who did my mortgage also do insurance, so I assume most regular brokers would..


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    #7
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    wasim21k wrote: »
    just did some calculation for 25 year cover may be i m thinking all wrong but...
    100pm
    100X12=1200 for each year
    1200x25=30000 for 25 years
    what if you put 100/pm euro in some saving account then?

    A tired argument against a very worthwhile purchase.

    I truly am amazed at how many people think like this, and don't factor in the unforeseen.


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