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The Best Of Both Worlds

Updated: Apr 5, 2023

Have you checked on your life policies recently? What is the difference between Life policies? Which type of life policy should I choose?

There are so many Life Policies out there so it is vital to make sure the policy has the right cover for you. You may have heard the words Mortgage Protection, Life Cover Protection, Level Term Cover, Decreasing Term Assurance, Convertible Term Assurance, Family Protection Insurance, Inheritance Tax Policies and Finally Whole Of Life policy.

Why not talk to one our specialists in the field of Protection. What if I told you that you can have the best of both worlds by setting up a whole of life policy through Citywide Financial. After 15 years you have guaranteed access to 70% of the premiums that you have paid into your policy. With a whole of life policy, the policy lasts for your entire life, so there will always be a payout at the end (upon death of the policy holder)

Basically, instead of your standard life cover where you pay your premiums for a specific term. If you live past the term, it is a win loss situation. All the premiums that you have paid into the life cover are gone. Win is you are still alive, the loss is that all of those premiums are gone without a payout on the policy.)

Now a quick example - €100 euro a month for a term of 20 years for Standard life cover of 100k. The total amount of premiums paid would be €24,000. This €24k is no gone if you outlive the term.

Now what if I told you for an additional 10% on that premium so - €110 euro a month for a term of 20 years. You would pay €26,400 in premiums over that term. With the whole of life cash back option not only can you cease paying premiums once the term is complete, you can have lifelong partial cover for the remainder of your life. This ensures a guaranteed pay out on your death or you can have the best of both worlds - You will have lived past the term and you feel you have protected your family by having a life policy in place. In addition to this, you can take back 70% of the premiums paid by you. (the example above allows you to get €18,480 cash back)

Result, the best of both worlds.

If you have any queries in relation to any of the above, why not get in touch.

For more information on our range of services please see our life insurance broker Dublin today.

Brian Courtney QFA, APA, LIAM

089 451 7801

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