Life Assurance

longshot

anyone know what happens to a policy for life assurance????
it is no profits just if something horrible happens to me.

the-muffin-man

I had to buy out the OR's interest in any policies I wanted to keep running (£50 per policy). Check with your life assurance company though on how the policy is paid out, some of mine were to be paid into trust and the OR couldn't take any proceeds from those so I didn't have to pay the £50 to keep them running.

Please don't ask me to go into further details though, as my wife dealt with these because she works in insurance!

JCS1

3 options:

• Keep paying and when anything happens money goes to the OR, even after discharge
• Let policy lapse and take out a new one
• Buy OR's interest for £50

This assumes there is no surrender value, if there is then the OR will take that.