Help regarding Life Insurance.

joseph brand

Just need advice on Life Insurance/Assurance in relation to home mortgage.

Need to sort this out today or tomorrow.

Coming close to signing and looking at offers from Ulster Bank(mortgage provider) and TESCO.

ME: 26, non-smokerish,
HER: 30, non smokerish too.

Ulster Bank: 19.26 euro/month for 190,000 over 30 yrs (Decreasing cover, only pays remainder of mortgage)
32 Euro/month for lump sum payout.

TESCO: 28 euro/month lump sum.

Any other places do good deals??

Do the quotes above seem ok??

Thanks for any help.

Drummer

Firstly u r either a smoker or ur not. The wont accept ther -sih variety.

Secondly, contact OMAC life and pensions, idenpendent advisor. I know him well, he is dead sound. Ask for Liam.

Gilgamesh

it all depends, with life insurance it is a b!tch to determin if you are getting screwed or not.
the Ulster Bank one fro 32/month is probably the better option for you, as the payout at the end will be higher than the first one of their options they offered you.
you would probably have less hassle aswell if you take the insurance up with the bank you do the mortgage with, need to present less paperwork and stuff as they are dealing with the insurance directly.

32 is okay I guess, you probably can get better, but if you need to decide today go for the ulster bank one, you will get better support from them if there is a problem, as they will also be interested on keeping the mortgage alive.

Gil

Borzoi

From the point of view of life assurance, you're usually defined as a smoker if you've had a single cigarette in the last year. So bad news there.

Policy wise, go with the reducing term. Do you need a life policy that will pay off more than the house value? Probably not if you've no dependants. Then there is the fact that you'll probably move house within 3-5 years, assuming this is your first property, again just go with the bare minimum

Sposs

www.123.ie is very good.

Beruthiel

38 is the lowest I could find
I smoke 6 a day so put myself down as a smoker, so will you if you smoke now and again, otherwise you might give them a loophole if the time ever came to pay up

tinkerbell

With life assurance, you are either a smoker or a non-smoker. So you won't get away with being smoker-ish.

Kernel

Borzoi wrote:

Policy wise, go with the reducing term. Do you need a life policy that will pay off more than the house value? Probably not if you've no dependants. Then there is the fact that you'll probably move house within 3-5 years, assuming this is your first property, again just go with the bare minimum

I was gonna suggest this too. You don't need to go for the lump sum option, you just need to know that the rest of your mortgage is getting paid for. You should only be paying about 20ish euro per month on that kind of mortgage as a smoker if you shop around. Try Irish Life or Friends First. A broker can bargain them down, and so can you. If there is a couple of euro in the different, the other company will almost always match that to get your cash.

The usual insurance lies come into play... you don't partake in dangerous activities, you don't ever feel stressed, you don't smoke, your weight is normal etc. etc.

Sposs

Kernel wrote:

The usual insurance lies come into play... you don't partake in dangerous activities, you don't ever feel stressed, you don't smoke, your weight is normal etc. etc.

You shouldnt lie about being a smoker as if you died from a smoking related illness your insurance becomes null and void.

Eurorunner

Try ferga.com

Eoin

give LA Brokers a go, they give quite competitive quotes. WRT to the smoking thing - AFAIK you are still a smoker for at least a year after you give up.

joseph brand

Thanks very much for feedback.

Might just go with Ulster bank, less hassle.

Some quotes may be 1 or 2 euro the difference, which is a saving of 25 - 50 cents a week??

I will have to own up to the smoking and pay more but be sure of payout.

Thanks again,

Kev