One of the most common questions we get asked, is about the appropriate premiums that people should be paying for different types of cover. The reality is, 5 different people or couples could appear to have similar levels and types of cover but be paying completely different premiums, due to subtledifferences in the plans. A few examples below will give you an idea:
For two 35 year olds to have €200,000 dual life cover and €100,000 dual specified illness cover for a 20 year guaranteed term, the cheapest premium available would be €84.77 per month (competition answer!).
By reducing the term to 10 years and adding a conversion option, it becomes €67.64 per month. If done on a reducing basis (usually for mortgage protection) the same cover over 20 years would cost only €46.88 per month.
This is just one example of how slight changes can make a big difference to premiums. To find out more about the levels and types of cover appropriate for your circumstances, feel free to contact us in Peter St. Drogheda or Church St. Skerries.