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Endowment Insurance cash in - can I have other policies?
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Posts: 1 Newbie
Hi,
We've got a Norwich Union life insurance for our endowment mortgage. We've got a quote for selling it which is £7711, surrendor value £6764. We are paying £27.53 a month and it matures in 11/2016, bonuses are £2494 @12/2006, sum insured is £22,000. Estimated payout, is about £12,000 in the mid point of the ranges that they give.
We seem happy with the amount quoted as we are moving house and we feel the money would be better spent on reducing the mortgage now. Our main question is that we had heard that you can't get paid out on more than one life insurance policy?!? Is this something that is totally wrong? The worry was that if we sold the policy and died then the life insurance (basic death) that we would take out of the new property would be no good as the sold endowment would be paid to someone else. Sorry if this is a daft question.
The quote for the purchase was with Surrenda-link. Has anyone had any good or bad dealings with them. Apparently it would take about 6-8weeks to complete but from what I have read this is fairly normal.
Many thanks
Doug
We've got a Norwich Union life insurance for our endowment mortgage. We've got a quote for selling it which is £7711, surrendor value £6764. We are paying £27.53 a month and it matures in 11/2016, bonuses are £2494 @12/2006, sum insured is £22,000. Estimated payout, is about £12,000 in the mid point of the ranges that they give.
We seem happy with the amount quoted as we are moving house and we feel the money would be better spent on reducing the mortgage now. Our main question is that we had heard that you can't get paid out on more than one life insurance policy?!? Is this something that is totally wrong? The worry was that if we sold the policy and died then the life insurance (basic death) that we would take out of the new property would be no good as the sold endowment would be paid to someone else. Sorry if this is a daft question.
The quote for the purchase was with Surrenda-link. Has anyone had any good or bad dealings with them. Apparently it would take about 6-8weeks to complete but from what I have read this is fairly normal.
Many thanks
Doug
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