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Life Insurance, Payment Protection, VHI Query - Help Needed

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  • 21-03-2013 10:01am
    #1
    JB81
    Registered Users Posts: 587 ✭✭✭


    Hi There

    Like almost everyone else in the country we are trying to find ways of saving the pennies these days. And insurance is obviously one way of doing that. However I am not very knowledgable on the whole insurance side of things and was looking some guidance. It just used to be ( as for a lot of people ) get insurance, take what they give me and pay for it. This does not cut it any more.
    We have at the moment Life Insurance for myself and my wife for death, critical illness, surgery cover etc.., mainly taken out due to getting a mortgage a few years back. We also have Mortgage payment protection with EBS, for cover if we loss our jobs ( both working ), critical illness, disability. My wife also has VHI Health Insurance. I do not.
    I suppose my question is, is there duplication here? Is there a need for all of the above? Is there anywhere they can be combined? And also if we did have a claim for something like a critical illness would there be an issue that we are covered on 2 policies for it?
    A lot of queries I know, but i am so naive when it comes to this that I have made a point of getting my head around this year and getting it sorted. Is there even somewhere you could call which could give free advice.
    Any help appreciated.

    Thanks
    JB


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    #2
    homer911
    Registered Users Posts: 5,119 ✭✭✭homer911


    You may be overinsured, but its not clear from your post.

    The Mortgage Life Insurance will pay off your mortgage if either of you die, and no more. To what extent are you insured beyond this?

    Do either of your employers provide Life Assurance as part of your employment? Many do.

    Have you dependents? What age are they and have they any special needs? This will indicate the level of life cover desireable

    You seem to be insured for the worst possible scenario - whats your states of health like? Those in good health are often cutting back or cancelling their VHI these days

    How secure is your employment? Do you really need PPI?


  • Options
    #3
    JB81
    Registered Users Posts: 587 ✭✭✭JB81


    Hi Homer.
    Thanks for the reply. I know it was a bit vague but in response to your questions,

    Our Life insurance is not with our Mortgage Company, and we are insured for a certain amount lump sum if one of us passes away. We would want to keep this as we would use it to pay of the mortgage as you say. On this policy we are also covered for surgical cover, critical illness, if we break a bone etc..

    Neither employer offers life insurance.

    We are expecting our first child in Summer.

    Health wise we are both fine, early thirties. We were reluctant to stop the VHI with the child coming.

    Employment is like everyone else. Could change over night, so we definitely want some insurance if either of us loss our jobs, so it will pay the mortgage.

    Hope this makes things a little clearer, and again any advise would be would be great.

    Thanks


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