Windsor Life "Lifeline for Assets" policy

sureshot2k0

Hi, please can anyone offer any advice. I had a policy with Crown Financial Management who were taken over by Windsor Life. The policy "Lifeline for Assets", actually lapsed a few years back when I had a few problems and I decided to leave the policy in it's lapsed state and wait for a time when I was ready to use the money. Now I am in a position to do so the value has halved from over £1500 to £750. Reason being is that £29 was being taken off every month to cover the costs of running the policy, which was the same as the original monthly contribution I made.

What I would like to know whether this is normal? I have looked at the original policy documents and I see no information regarding this. Any useful advice would be appreciated.

Thanks

kingstreet

The policy was made paid-up, not lapsed. That's what happens when premiums stop and there's no value remaining.

Unless set up in a specific way, the investment value can be used to fund the life cover and it will, of course, pay any ongoing costs which will be deducted from the fund value.

Check what the policy says about non-forfeiture.

sureshot2k0

kingstreet wrote: »

The policy was made paid-up, not lapsed. That's what happens when premiums stop and there's no value remaining.

Unless set up in a specific way, the investment value can be used to fund the life cover and it will, of course, pay any ongoing costs which will be deducted from the fund value.

Check what the policy says about non-forfeiture.

Thank you. I will have a look into what is said about non-forfeiture.