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House/Life Insurance

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  • 11-07-2014 10:28am
    #1
    macheda
    Registered Users Posts: 67 ✭✭


    Hi All,

    I was just wondering who I would go for in relation to House/Life Insurance for a new property we bought.

    House Insurance: For the building contents would I use the house price e.g €243,500 and for the contents cover I am selecting €40k.

    Life Insurance: What value would you select for "Sum Assured" per person & for how many years? Would the term of the mortgage be sufficient for this?

    Any help on this would be hugely appreciated as I am a bit lost on all this.

    Cheers!!!


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    #2
    macheda
    Registered Users Posts: 67 ✭✭macheda


    macheda wrote: »
    Hi All,

    I was just wondering who I would go for in relation to House/Life Insurance for a new property we bought.

    House Insurance: For the building contents would I use the house price e.g €243,500 and for the contents cover I am selecting €40k.

    Life Insurance: What value would you select for "Sum Assured" per person & for how many years? Would the term of the mortgage be sufficient for this?

    Any help on this would be hugely appreciated as I am a bit lost on all this.

    Cheers!!!


    Can anyone please help???


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    #3
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    macheda wrote: »
    House Insurance: For the building contents would I use the house price e.g €243,500 and for the contents cover I am selecting €40k.

    First, ignore how much you paid for the house unless you built it yourself using direct labour. What you insure it for is to cover the expense involved in the worst possible case which is where the house is severely damaged by fire and needs to be demolished and the site cleared and a new house built.

    Contents depends on the value of your possessions and whether your policy covers 'new for old' or simply compensates you for the rough value of the possessions i.e. allowing for depreciation on appliances, carpets etc.
    macheda wrote: »
    Life Insurance: What value would you select for "Sum Assured" per person & for how many years? Would the term of the mortgage be sufficient for this?

    If you're talking about a life policy to clear the mortgage in the event that either you or your partner die, you need to get quotes for a 'mortgage protection policy'.

    You can get a quote from the websites of all the main life companies like Irish Life, Aviva etc. This type of policy differs from other life policies in that the benefit diminishes over time as you pay off the mortage and the premium (whihc will remain flat if you stay with the same company) will reflect this. When asking for a quote, you give the current outstanding balance, the number of years remaining on the loan and age data for you and the other life insured.


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