Life Assurance

pstar

Hi, I am not what you'd call savvy when it comes to money matters, but can anyone let me know what I should do with regards to a life assurance policy I was sold just after graduating?

I had just graduated from a design degree when I was visited by a rep from Friends Provident, who told me that I should take out life assurance with them for a monthly payment of £11.50 I would get £25,000 life assurance.

Being young and not so worldly wise I assumed that this was the same as life insurance and so accepted the policy.

This was way back in 1987 and like a fool I've been paying it ever since. I believe that the surrender value is worth s*d all, but I don't know whether to continue this policy or to jack it in. Please can anyone advise?

dunstonh

Being young and not so worldly wise I assumed that this was the same as life insurance and so accepted the policy.

Life insurance is American. Life assurance is British. There are variations in views through Americanisation, dumbing down and differences in interpretation. However, they are exactly the same thing.

This was way back in 1987 and like a fool I've been paying it ever since. I believe that the surrender value is worth s*d all, but I don't know whether to continue this policy or to jack it in. Please can anyone advise?

It would be inappropriate for any of us here to tell you to call it a day. First of all, it would breach FSA guidelines and the board doesnt like us doing that (quite rightly) and secondly, we have no way of knowing if you should or you should not (which is why the first reason exists).

Alll we can do here is comment and discuss. We cannot advise. Even those of us in the real world that can.

For discussion purposes.... Do you need the policy? What type of policy is it?

ACG

As dunston says we cant really advise on here, more general pointers and offer generic help.

It could be worth you seeing a financial advisor to go over your protection needs.
It could be that you dont need life insurance at all and that your money would be better spent on income protection or that but likewise it could be that you are under/over insured on the life side so you might need more cover.

Kristin

It is worth remebering that you can always seek alternative quotes and cancel or start a new policy at anytime. I recently change my policy and got some new quotes although it had been running for sometime.

I found this site helpful for getting quotes moneyworld.com