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Life Assurance problem

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  • 17-06-2015 12:53pm
    #1
    ferrarri488
    Registered Users Posts: 1 ✭


    Looking for advice please.

    A couple of years back AIB stopped offering life cover with Ark Life and they offered me cover with Irish Life which I took. Now it has come to light I don't have adequate cover even though I have not taken out any further loans. I am looking for any advice as I feel this is an error on Irish Life's part.


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    #2
    coylemj
    Registered Users Posts: 25,437 ✭✭✭✭coylemj


    Is this about mortgage protection or how do you reckon you don't have 'adequate cover'?

    If it's mortgage protection, you can increase the cover on your existing policy or simply get a quote somewhere else, stop paying Irish Life and move to the new company. You'll need to have the lender's interest noted on the policy and give them (the lender) details of the new policy. Most of the major life companies will quote you online for mortgage protection. When getting a quote, you will need to know the current outstanding balance and the number of years remaining on the mortgage.

    If it's about straight life cover and it's term assurance (death benefit only) then you can take out another policy to make up the difference in cover. If you already have cover under a term assurance policy, you'd probably be best to hold on to that policy and augment it with a new policy covering the desired increase in cover as the premiums on the existing policy will be based on the age you were when you started so if you abandoned that policy you would lose out.


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