asked the Minister for Industry and Commerce if in view of the fact that friendly societies are limited to a total amount of £500 on each life policy, he will consider raising the maximum amount to £1,000, as living conditions and income have so drastically changed since the limit was fixed.
Ceisteanna—Questions. Oral Answers. - Life Assurance Policies.
29.
The existing limit on these policies, which is £300, was established in the year 1953. The information available to me indicates that very few policies of a value of £300 are, in fact, issued, and I am not aware of any general demand for an increase in the existing statutory limit.
30.
asked the Minister for Industry and Commerce if as the premiums on whole life assurance policies are restricted to one penny per week on children aged between one and ten years old, and as the amount payable for this premium by assurance companies and friendly societies is so small and inadequate to meet funeral expenses, he will consider raising the assurance and premium limit.
I am at present undertaking a review of insurance legislation, generally, which includes an examination of the matter referred to by the Deputy.