| T O P I C R E V I E W |
| angelam |
Posted - 20 November 2008 : 19:15:26
hi again, can you tell me if it is worth continuing to pay for my life insurance policy, it has a critical illness clause in it but I have read somewhere that when you go br if you have to claim this the or will take any money paid to you. Many thanks ange |
| 11 L A T E S T R E P L I E S (Newest First) |
| tracy_b |
Posted - 23 November 2008 : 14:04:32
Hi,
My insurance was cheaper to let go cause i gave up smoking a year and a half ago and even though i'm older my policy dropped by £24 a month, so now i'm paying peanuts for the same cover. Oh yes!
Tracy XX |
| angelam |
Posted - 23 November 2008 : 13:48:36
thanks for all your advice will be careful with this one |
| movin on |
Posted - 21 November 2008 : 11:02:22
Hi
The same thing happened to me mark - it doubled, so im paying the £50
Onwards and Upwards is the way im going :-0)
xx |
| Needafriend |
Posted - 21 November 2008 : 07:25:48
Hi
I cancelled mine and retook new policies, i saved on my monthly amount that i was paying as i could lower the sum assured, mainly because i had a higher payout to pay off the debts, those dont exsist now so to speak so i lowered my insured amount and i saved.
It is up to you but you really must have a policy esp when you have depedents or other people that rely on you.
Weigh up the pros and cons, get some online quotes and see if its worth spending the £50 on each policy to the OR. Mine did not work out like a good option so i cancelled my old ones and now i have new ones.
Best of luck
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
|
| Reviva UK |
Posted - 20 November 2008 : 22:40:14
STILL WORTH CONSIDERING LIFE INSURANCE, ESPECIALLY IF YOU HAVE DEPENDENTS.
it may actually be cheaper to pay the £50 rather than take out a new policy.
doo the math and see what you thing after you have the facts
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
| Frank |
Posted - 20 November 2008 : 21:51:31
Oh, ok, thanks for the info Paul. I'll be cancelling that then ;)
Frank
Here we go again... |
| Reviva UK |
Posted - 20 November 2008 : 21:48:53
The £50 is effectively for the title to the insurance policy .
If you carried on paying for the insurance without paying the £50 then the OR would be the beneficiary.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
| Frank |
Posted - 20 November 2008 : 21:43:18
Thanks Jo... what's the £50 for? Just fascinated!
Here we go again... |
| Needafriend |
Posted - 20 November 2008 : 21:10:11
Hi Frank
You dont have to pay the £50 it up to you. The OR will offer you the chance to either pay the £50 or you can let it lapse and take another one.
I did not pay the money and my new policies are cheaper now.
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
|
| Frank |
Posted - 20 November 2008 : 21:08:45
I have a 25 year term insurance policy, i.e it has no value, it's only value is at death payable to my wife - the OR has no interest in this but I have to £50 to keep it? What's that all about?
Here we go again... |
| Needafriend |
Posted - 20 November 2008 : 20:41:30
Hi Ange
I would have thought that providing your policy is only a payable on death type policy then the OR after doing there checks on it will just ask you if you want to pay the fee of £50 each to keep them or you can let them lapse.
If you have a policy that has a cash in value then the OR may well want to release that money early for the benefit of your estate.
Its up to you, but i waited till we were BR and informed by the OR that we could buy ours back, then i wrote to them and said no, cancelled the DD and let the policies lapse and started new ones.
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Jo's Links and added info on Bankruptcy!
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take it by the horns and live a little, otherwise life would be so boring!
|
