Sell Whole of Life Policy?

Mrsmch349

Hi, we have had a letter from AXA saying that in order to keep the £50,000 death benefit we will need to increase our premium from £20/mth to £47/mth. At present the policy is worth £4500. We are thinking of cashing it in - is this the sort of thing you can sell? I've heard of companies buying Endowment policies.

Any advice much appreciated!

Thank you. x

dunstonh

is this the sort of thing you can sell? I've heard of companies buying Endowment policies.

Its not an endomwent policy. Its a whole life assurance and there is no UK second hand market.

Most of these plans are obsolete and modern alterantives are better if you are still in good health.

Mrsmch349

So, do you think it's worth cashing in and starting a different one? My husband is a Pilot in RAF so has good 'death in service' benefits.

dunstonh

So, do you think it's worth cashing in and starting a different one?

Cant say without knowing specifics and your financial needs. If you still need a whole of life assurance plan then modern alternatives are better. If you dont need one then there is no point paying into one.

Mrsmch349

OK, I think that I'll cash it in and look for something else.

Thanks for taking the time to reply!