Guaranteed Whole Of Life
A whole of life policy does what it says on the tin, providing you keep paying premiums it will pay out.
There are two types of whole of life policy. Guaranteed and non guaranteed. Non guaranteed policies should be avoided as they are subject to review and in future years the premiums you pay can be increased or the cover reduced. They have received bad press because they tend to bomb out in later years and become unaffordable leading to people to cancel them before a claim is paid.
Guaranteed whole of life policies are a different proposition and Hibernian and Zurich would be considered market leaders in the field by many brokers.
Typical costs with Zurich for €25000 cover for a 55 year old male would cost €43.77 a month and for a female € 39.49 a month.
€40,000 of whole of life cover for a 55 year old male would cost €94.07 a month and for a female €81.99 a month with Hibernian.
Whole of life cover is more expensive than term assurance but remember with a whole of life policy cover doesn’t run out.
The max age you can take out a whole of life policy is usually 75 next birthday and some companies will permit cover as low as €5,000. Remember you have to be in good health with no adverse medical history to take out a policy and you may be required to attend for a medical.
John Geraghty LABrokers.ie