life insurance and the OR interest in it

DON79

Erm! OK! :cool: Thanks.

philnicandamy

DON79 wrote: »

The £50 is a one off payment though isn't it? Yep the £50 is a one off payment to buy the OR's interest off.... I will definitely have a look for quotes and get acceptance before I cancel anything, with two little ones, cannot really afford to have no cover at all.

Would it matter if we went back with the same company as the current policy is or would they not accept us?

HTH

DON79

Thank you phil!

Bankrupt_Novice

Great!

This thread has answered many of my queries re the policies my OH and I have.

Haven't had any contact from the OR yet but expect he'll stake an interest in the policies but if us BR's can have the option to buy back the 50% for £50 that's not too bad.

Thanks for posting Donna.

Bankrupt_Novice

Well just had my initial 5-min interview from the Newcastle OR and the man on the phone explained that I should dig out all of my Insurance policies and check as to whether they have any surrender value.

If they don't have a surrender value you can simply buy back the OR's interest in the policy for the £50 as previously stated.

If there is a surrender value and you really want to keep the policy you must pay the £50 plus the surrender value.

He also said we could also just stop making payments and the OR would cancel the policy, we would need to set up a new one but the OR would have no interest in this new policy.

SO it all really depends on the surrender value and whether or not you could get a cheaper quote post-bankruptcy.

I'm certain all of my policies are "on-death" with no surrender and as they are good policies I'll prefer to buy the OR's interest.;)

DON79

Hi Bankrupt Novice

None of my policies have any surrender value either so I would much rather prefer to buy them back without having the hassle of setting up the new ones.

I am glad your OR discussed it with you, mine didnt! But I knew this would happen with the policies thanks to this forum.

Donna