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Flexible Whole of Life plan

Debras_Angel
Debras_Angel Posts: 620 Forumite
Part of the Furniture Combo Breaker Mortgage-free Glee!
in Insurance & life assurance
We have a flexible whole of life plan that we took out years ago to cover the mortgage if anything happened to either of us.

We now don't have a mortgage but I'm assuming they will still pay out as it's not linked to our mortgage, is that correct?

Sorry for being a bit blonde but just wanted to check.

Thanks

Comments

  • dunstonh
    dunstonh Posts: 121,282 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    I'm assuming they will still pay out as it's not linked to our mortgage, is that correct?

    yes.

    It is still worth checking for on-going suitability though. If health is still good, then a lot of these old legacy plans can be improved upon with modern plans (although some cant).
    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.
  • lisyloo
    lisyloo Posts: 30,113 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Yes, it will pay out a lump sum.
  • Debras_Angel
    Debras_Angel Posts: 620 Forumite
    Part of the Furniture Combo Breaker Mortgage-free Glee!
    Thanks guys for your quick responses.

    Dunstone H, don't think I want to mess with it as I have too many health problems and major surgery coming up in a few weeks.
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