life insurance question after OR interview

pink-lint_2

OR told my other half that we can buy our life ins back for £50, but if it is claimed ANY time in the future it will go to him????

this doesnt make sense . i thought the whole idea about buying it back was so it was ours if one of us die or if we get critically ill

would it be just easier canncelling my policy ?

does any one know anything about this????????


thanks pinkx

blind-as-a-bat_2

No it wont go to him if you buy it back, you are correct that is the point, the same as buying your BI in a property back to protect any future equity

Maybe your OR confused themselves:p (or just worded it badly:rolleyes: )

pink-lint_2

i was all in a panic , thinking well whats the point of me having it if he can claim it back in 20 years or whenever.

but if we buy it back he can never have it , is that right?

pink-lint_2

what would happen if we won the lottery or came in to some money ?

would they take it all or just the amount OH went BR for ???

Rylynn

They can only take anything for the length of the BR unless an IPA is put in place and then they can take money you win etc for three years. I think they could only take what was owed not all of it, but I am not sure on that.

pink-lint_2

i know we got ourselves in this but it would seem a bit unfair taking a million if you won a million instead of the 22,000 we went BR for

got no chance of winning anything like that though , we are the unluckyest people in the world (i think)

hulltrucker

I think you will find that if you won any amount of money the OR can seize up to the amount you go BR for plus any reasonable expenses - I dont think they can take the whole amount if it is considerably more than you went BR for, but if you are not sure ring them and ask - the officers were generally very helpful I found duing my BR

fiveyearplan

pink-lint wrote: »

what would happen if we won the lottery or came in to some money ?

would they take it all or just the amount OH went BR for ???

If your not bankrupt but your OH is I suggest you buy all the lottery tickets for the next year!