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Life policy taken out on paid up mortgage - can I change it??
Big-toshie
Posts: 7 Forumite
Hello,
I thought I'd check if anyone has any useful advice about a Life policy I no longer need before I call Norwich Union to see what they say.
Many years ago my wife and I took out a joint Life Insurance policy with Norwich Union (Joint Mortgage Security without Bonuses) to cover a Clydesdale bank mortgage. We paid off that mortgage last year and now have a Nationwide mortgage on a new house. We are still paying into the NU life policy so want to find out as quickly as possible if it can be converted into something more useful. I presume that NU will suggest that we transfer it to the new mortgage but I wondered if I could convert it into something else. We currently pay £12 a month and that adds up to around £2,600 paid to NU over the years.
All advice most welcome,
Rob
I thought I'd check if anyone has any useful advice about a Life policy I no longer need before I call Norwich Union to see what they say.
Many years ago my wife and I took out a joint Life Insurance policy with Norwich Union (Joint Mortgage Security without Bonuses) to cover a Clydesdale bank mortgage. We paid off that mortgage last year and now have a Nationwide mortgage on a new house. We are still paying into the NU life policy so want to find out as quickly as possible if it can be converted into something more useful. I presume that NU will suggest that we transfer it to the new mortgage but I wondered if I could convert it into something else. We currently pay £12 a month and that adds up to around £2,600 paid to NU over the years.
All advice most welcome,
Rob
0
Comments
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We are still paying into the NU life policy so want to find out as quickly as possible if it can be converted into something more useful.
What did you think about converting it into?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
What did you think about converting it into?
Hi,
Thats really the nub of my initial query, is there any thing else it can be converted into, apart from a continuing mortgage life insurance policy on our new mortgage, such as bonds, trusts, or even cash! I'm just trying to find out if I have any options other than what NU might want me to do.
cheers
Rob0 -
Any advice?0
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Unless it is a convertible plan, and they are as rare as anything nowadays, then it cannot be converted.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Dear Dunstonh,
So the most likely option I have is to transfer it to covering our new mortgage?
Rob0 -
Or just carry on paying it cos it's cheap life insurance. If it was taken out many years ago you are not going to get equivalent cover at anything like the same price.0
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Or just carry on paying it cos it's cheap life insurance. If it was taken out many years ago you are not going to get equivalent cover at anything like the same price.
But if it was linked to a mortgage I no longer have surely i will have to change it to cover the new one I have with a different mortgage provider?0 -
Any further thoughts?0
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