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anyone know about life insurance? urgent help needed please
harvey178
Posts: 3 Newbie
Hello
My fathers life insurance policy with Axa: we are trying to figure out what it means. It says : Type of ploicy: Capital saver - whole of life with profits and Decreasing temporary assurance by annual decrease of 4.75%. He pays £25 quaterly, and has had the policy since 1985. When he first took the policy out he was insured for £2751.00 but it says it decreases until the 12th of september 2015 when the basic sum assured remains at £558. so by which time he would have paid in £2500, does that mean he will only actually be insured for £558? unfortunatly hes been diagnosed with lung cancer, and has been told he has about 3 months left of his life, so were not sure what his premium will be when he dies?? anyone help? many thanks
My fathers life insurance policy with Axa: we are trying to figure out what it means. It says : Type of ploicy: Capital saver - whole of life with profits and Decreasing temporary assurance by annual decrease of 4.75%. He pays £25 quaterly, and has had the policy since 1985. When he first took the policy out he was insured for £2751.00 but it says it decreases until the 12th of september 2015 when the basic sum assured remains at £558. so by which time he would have paid in £2500, does that mean he will only actually be insured for £558? unfortunatly hes been diagnosed with lung cancer, and has been told he has about 3 months left of his life, so were not sure what his premium will be when he dies?? anyone help? many thanks
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Type of ploicy: Capital saver - whole of life with profits and Decreasing temporary assurance by annual decrease of 4.75%. He pays £25 quaterly, and has had the policy since 1985. When he first took the policy out he was insured for £2751.00 but it says it decreases until the 12th of september 2015 when the basic sum assured remains at £558.
Old fashioned policy. Now obsolete. However, the recent unfortuante news he has had means it is too late to change it.does that mean he will only actually be insured for £558
yes, plus any bonuses, if any.so were not sure what his premium will be when he dies??
The premium will cease on death once the sum assured (plus any bonuses) is paid out.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 -
Please also remember he has had the benefit of life insurance for all those years, those have to be paid for.
Sorry to hear your news.make the most of it, we are only here for the weekend.
and we will never, ever return.0
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