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    • LeahJayne9913
    • By LeahJayne9913 7th Sep 17, 9:28 PM
    • 1Posts
    • 0Thanks
    Life assurance policy
    • #1
    • 7th Sep 17, 9:28 PM
    Life assurance policy 7th Sep 17 at 9:28 PM
    Hi, I'm trying to help my dad with a policy he took out in 1992 with Barclays, for the first 10 years he paid in £15 a month however since then it is constantly increasing and now they have given him an ultimatum to cash out not for £3000 or pay £183 a month for a year and then keep paying the annual increases (approx £500 a year increases) until it matures in 2025, by this time they estimate it will mature at less than £23k which is not much more than he'd be paying to them over the next 7 years. The policy was taken out with Barclays however is now with a company called ReAssure. Please can anyone advise what to do
Page 1
    • zx81
    • By zx81 7th Sep 17, 9:35 PM
    • 14,977 Posts
    • 15,838 Thanks
    • #2
    • 7th Sep 17, 9:35 PM
    • #2
    • 7th Sep 17, 9:35 PM
    He needs to decide whether he wants to keep it or not, depending on his need for cover and overall financial circumstances.
    • dunstonh
    • By dunstonh 7th Sep 17, 9:47 PM
    • 90,461 Posts
    • 57,256 Thanks
    • #3
    • 7th Sep 17, 9:47 PM
    • #3
    • 7th Sep 17, 9:47 PM
    This thread would have been better placed in the insurance section. Maybe a board guide/admin will move it.
    Please can anyone advise what to do
    That is a regulated activity and not allowed. What you get here is discussion and opinion. Not advice.

    However, even if we could give advice, you havent given enough to go on.

    Does he still need life assurance?
    could he replace it with a modern plan (what he is like having a black & white TV when today you buy ultra HD widescreens etc)
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • bostonerimus
    • By bostonerimus 7th Sep 17, 10:46 PM
    • 1,431 Posts
    • 847 Thanks
    • #4
    • 7th Sep 17, 10:46 PM
    • #4
    • 7th Sep 17, 10:46 PM
    Does your father have any need of life assurance? If he was to die would he have any dependents that need the payout? People often don't modify their insurance coverage appropriately as their circumstances change.
    Misanthrope in search of similar for mutual loathing
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