CGU Life advice please

Siamanti

Hello I would really appreciate it if someone could advise me on a life insurance policy I took out in the Year 2000 with CGU Life through a finacial adviser who does not practice anymore. Basically the policy is a 33 year term (12 years gone) premium protection with a conversion option (no medical needed) policy. It costs £20 pounds a month. I took this out when I was married at the age of 28. I am now divorced, have no dependants and wonder if the policy still is good value and makes sense to keep. I belive CGU has merged in previous years and is now AVIVA. I understand that I can convert this policy to a whole life one. I cannot see any option on the AVIVA side to change it to an Endowment policy as the original contract suggested could be done.

My question is. Does the policy makes sense to keep even though I have no children or other dependants?
Is there a possibility to change this policy to a policy that would provide a payout in later years?
Does it make sense to keep and change at a later date to a whole life cover or finally is it better to get rid of it and invest £20 a month on something else, or could that have mortgage implications. I am pretty certain that I will not have children in the near future unless my life changes dramatically. I like my single life and I cannot forsee dependants coming along anytime soon which if I am correct would leave the money of the life policy to someon I nominate a charity perhaps, right?

Help much appreciated!

Siamanti

[Deleted User]

Siamanti wrote: »

Hello I would really appreciate it if someone could advise me on a life insurance policy I took out in the Year 2000 with CGU Life through a finacial adviser who does not practice anymore. Basically the policy is a 33 year term (12 years gone) premium protection with a conversion option (no medical needed) policy. It costs £20 pounds a month. I took this out when I was married at the age of 28. I am now divorced, have no dependants and wonder if the policy still is good value and makes sense to keep. I belive CGU has merged in previous years and is now AVIVA. I understand that I can convert this policy to a whole life one. I cannot see any option on the AVIVA side to change it to an Endowment policy as the original contract suggested could be done.

My question is. Does the policy makes sense to keep even though I have no children or other dependants?
Is there a possibility to change this policy to a policy that would provide a payout in later years?
Does it make sense to keep and change at a later date to a whole life cover or finally is it better to get rid of it and invest £20 a month on something else, or could that have mortgage implications. I am pretty certain that I will not have children in the near future unless my life changes dramatically. I like my single life and I cannot forsee dependants coming along anytime soon which if I am correct would leave the money of the life policy to someon I nominate a charity perhaps, right?

Help much appreciated!

Siamanti

Hi Siamanti

Thank you for your post. I'd be happy to arrange for an advisor from our Life insurance team to contact you and answer your questions for you. If you would like me to do so, please email the following information to social@aviva.co.uk:

- Full Name
- Date of Birth
- Postcode
- Policy Reference Number
- Money Saving Expert Username

Many Thanks

Stephanie Carrington
Aviva UK Social Support

weighty1_2

If £20/month is an inconsequential amount then feel free to keep the cover if you "want" to. Want being the operative word as there is no Need for the cover.

On the other hand, if you are paying this at the expense of not having critical illness cover or income protection then I suggested you may be better off cancelling it and arranging insurance that protects YOU, as opposing to keeping insurance which protects nobody.

Obviously, it's dependent on circumstances. I'd recommend speaking to an IFA, not a tied advisor!