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Yearly Renewable Term Assurance
karroo22
Posts: 1 Newbie
I have a yearly renewable term assurace policy with Phoenix Life. In 2010/2011 my monthly premium was £19.93 for cover of £71,173. This year (2015/16) my premiums have increased to £40 per month for cover of £83,328. I am 57 years old and the term assurance ends when I am 70.
I am retired now on a small pension and feel that £40 a month is a lot to be paying out. ( I am married and am not dependent solely on my income). Am I doing the right thing continuing this policy or is there something else out there like a life insurance policy payable on death. I just wanted a bit of security for my husband should anything happen to me.
Thanks in anticipation
I am retired now on a small pension and feel that £40 a month is a lot to be paying out. ( I am married and am not dependent solely on my income). Am I doing the right thing continuing this policy or is there something else out there like a life insurance policy payable on death. I just wanted a bit of security for my husband should anything happen to me.
Thanks in anticipation
0
Comments
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Approach an IFA or Protection Broker and they can run some quotes for you to see if your cover is competitive or not.0
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