Has anyone/is it possible to renegotiate life assurance policy with same provider?

tweety76

Hi All,
Have a life policy with Irish life. Apart from going to a broker does anyone know if its possible to re-negotiate with them to get a discount on what you are currently paying without changing the policy? Thanks

Trampas

if you did smoke and have given up might help

tHE vAGGABOND

I went back to broker for mine, Irish life [too, as it happens] came back with a tiny discount, but I got a much better deal elsewhere - so went there

galah

yes, we just did that. same policy, same provider, but 10 quid less a month due to changes in hubby's medical condition (very long and winded story).

So it is definitely possible. Sure the worst thing they can say is 'no' - might as well give it a shot!

broker2008

Premium is based on age, sex, term, sum insured, smoker status,medical history, occupation, residency, family history and policy type - don't think I missed any!

If some or all change there will usually be a difference in premium. There can be circumstances where they might review, but not many. Post more detail here otherwise go talk to a broker.

tHE vAGGABOND

they will also haggle, which is important to remember...

The place I eventually went with dropped their price a few percent to get the business, when I told them I was going to another company for just under what they were charging...

measurement

On a related question (sorry for piggy-backing), has anyone encountered the situation where an older married couple who have joint life assurance (i.e. pays out when one dies) are being approached by the Life Assurance company who say the premium will go up, or the cover amount will be reduced?
This is second-hand, so I'm not certain of all the details. The agent seems to be saying if you pay €xxx extra per quarter, the amount paid out will increase to €yy,yyy +€15,000, if you don't, the cover will reduce to €yyyyyy.
Surely these policies are on the basis of fixed premium, fixed amount assured?

Is it, as I suspect, an agent/salesperson trying to get a bit more commission by making them start over when both are retired, have no mortgage, but would like to see some money to the other, if one dies.?

phormium

Sounds normal enough for whole of life policy, not all policies are fixed price.

Graciefacey

broker2008 wrote: »

Premium is based on age, sex, term, sum insured, smoker status,medical history, occupation, residency, family history and policy type - don't think I missed any!

If some or all change there will usually be a difference in premium. There can be circumstances where they might review, but not many. Post more detail here otherwise go talk to a broker.

Sex is not a factor for the past year due to gender equality legislation

coylemj

Graciefacey wrote: »

Sex is not a factor for the past year due to gender equality legislation

It wasn't legislation, it was a decision of some European court and I believe it only applied to gender discrimination in motor insurance, not life assurance.

The J Stands for Jay

coylemj wrote: »

It wasn't legislation, it was a decision of some European court and I believe it only applied to gender discrimination in motor insurance, not life assurance.

No, life assurance was included in that directive.

padjo5

measurement wrote: »

On a related question (sorry for piggy-backing), has anyone encountered the situation where an older married couple who have joint life assurance (i.e. pays out when one dies) are being approached by the Life Assurance company who say the premium will go up, or the cover amount will be reduced?
This is second-hand, so I'm not certain of all the details. The agent seems to be saying if you pay €xxx extra per quarter, the amount paid out will increase to €yy,yyy +€15,000, if you don't, the cover will reduce to €yyyyyy.
Surely these policies are on the basis of fixed premium, fixed amount assured?

Is it, as I suspect, an agent/salesperson trying to get a bit more commission by making them start over when both are retired, have no mortgage, but would like to see some money to the other, if one dies.?

If it is a traditional 'whole of life' policy then yes the premium is reviewed usually on the 15th anniversary, and every 5th anniversary thereafter. Essentially this means paying more for the same cover or reducing the cover to keep premium level. Many older folks end up cancelling them as they become prohibitively expensive for their budgets or the benefit diminishes. This could be clarified though simply by ringing customer service dept of the service provider.

Graciefacey

coylemj wrote: »

It wasn't legislation, it was a decision of some European court and I believe it only applied to gender discrimination in motor insurance, not life assurance.

Incorrect. Op you should definitely schedule a review with the financial planning consultant. An annual review is ideal. You may be under covered, over covered or not require any change. They are usually very flexible