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    • diegosuarez
    • By diegosuarez 8th Oct 17, 11:14 AM
    • 10Posts
    • 2Thanks
    diegosuarez
    whole life assurance query
    • #1
    • 8th Oct 17, 11:14 AM
    whole life assurance query 8th Oct 17 at 11:14 AM
    Have been paying a nominal amount of approx £4:25. pm., paid by direct debit, on a life assurance policy taken out in April 1971 !!
    The amount assured £2000.0 at death,, (not a lot by today's standards) without profits . I calculate that I have now paid in ( without premium increases ) approximately £2346.0 over the 46 years, to date ? Cash -in, value is quoted as £1486.0 which may incur income tax ?? Either way, if I continue to pay up to the anniversary date- a further £26.0 I presume that I will be further on the losing side ? Would appreciate views/ advice etc many thanks
Page 1
    • Chris Pollard
    • By Chris Pollard 9th Oct 17, 4:00 PM
    • 87 Posts
    • 33 Thanks
    Chris Pollard
    • #2
    • 9th Oct 17, 4:00 PM
    • #2
    • 9th Oct 17, 4:00 PM
    I'm not sure what you are asking. You have paid in more than the sum assured but most people don't as they have died. Your premiums have therefore helped pay out to others less fortunate, but I can understand it feels like you are on the "losing side".

    The value of your policy isn't likely to exceed the amount that would be paid out on death. However, you could look at what current whole of life products might offer you in terms of value for money - but make sure you check the waiting period before full benefits are paid as for the first 12/24 months your dependants might only get back the premiums you have paid. You could run two policies in parallel until the full sum assured on the new policy is payable and then surrender your first policy as it would likely still have a surrender value.

    I know it can feel harsh to have paid in more, but perhaps tot up your car insurance, home insurance etc and work out if you've paid in more than you've ever claimed back. That's the nature of insurance.

    Hope this helps, although not 100% clear on what you were asking......
    • diegosuarez
    • By diegosuarez 10th Oct 17, 11:06 AM
    • 10 Posts
    • 2 Thanks
    diegosuarez
    • #3
    • 10th Oct 17, 11:06 AM
    whole life assurance query
    • #3
    • 10th Oct 17, 11:06 AM
    Hello Chris, and thanks for the the reply and your observations.
    I suppose the fault is really my own, paying out religiously , direct debits .. and not checking over time ! However, I really do not think I need bother about future life insurance ! My adult children will have sufficient to cover I'm now 96 ,! so I think I will just accept the loss of ,any extra payments, and surrender the policy .. Two 'grand 'was worth something 46 years ago , Now! it well may buy, tea and cakes ??
    Again many thanks
    • Chris Pollard
    • By Chris Pollard 11th Oct 17, 10:24 AM
    • 87 Posts
    • 33 Thanks
    Chris Pollard
    • #4
    • 11th Oct 17, 10:24 AM
    • #4
    • 11th Oct 17, 10:24 AM
    Diegosuarez...£2K will definitely buy you lots of well deserved tea and cake. Enjoy
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