Life Insurance & the OR

allofadither

Hi guys, I was wondering if anyone has had any experience of 'buying back' their life insurance policies from the OR. I have two policies, one in my name, one joint with OH.

Policy 1...no surrender value, OR will register interest for duration of policy unless I buy it back (equivalent of 12 mths premiums).
Policy 2...small surrender value, policy will lapse if OR surrenders it. This is the joint one I'm most keen to keep, so I was wondering if it's just a case of offering the OR my share of the SV to stop the policy lapsing.

If anyone has any experience of doing this I'd be grateful for some advice.

And before you suggest I ring the OR :eek: , you know I'm a wuss and paranoid about everything. I haven't left the house since I went BR! :rotfl:

Richard_S

allofadither wrote: »

Hi guys, I was wondering if anyone has had any experience of 'buying back' their life insurance policies from the OR. I have two policies, one in my name, one joint with OH.

Policy 1...no surrender value, OR will register interest for duration of policy unless I buy it back (equivalent of 12 mths premiums).
Policy 2...small surrender value, policy will lapse if OR surrenders it. This is the joint one I'm most keen to keep, so I was wondering if it's just a case of offering the OR my share of the SV to stop the policy lapsing.

If anyone has any experience of doing this I'd be grateful for some advice.

And before you suggest I ring the OR :eek: , you know I'm a wuss and paranoid about everything. I haven't left the house since I went BR! :rotfl:

Hi dither,

We did discuss Insurance Policies with our O.R but when he announced that he would be the beneficiary we cancelled the policies as soon as we got home, so no first hand experience I'm afraid.

I can understand you not wanting to phone the O.R but what about emailing or writing? At some point you'll have to make contact so might as well make it sooner rather then later. You could kill two birds with one stone; write the letter, and then take a walk in the sunshine to post the letter. Two little demons slayed in one throw

Richard

allofadither

Yup, I know what you suggest is the sensible thing to do Rich. BUT, I haven't heard anything about my car since my interview, haven't heard anything period in fact, SO what I'm thinking is that they might have forgotten about me :j and if I make contact I remind them that I exist and they might think oh yeah, she's the one we have to do all kinds of horrible things to:eek:

I'm dithering again...I'll go water mi veggies...see if that helps

Richard_S

allofadither wrote: »

Yup, I know what you suggest is the sensible thing to do Rich. BUT, I haven't heard anything about my car since my interview, haven't heard anything period in fact, SO what I'm thinking is that they might have forgotten about me :j and if I make contact I remind them that I exist and they might think oh yeah, she's the one we have to do all kinds of horrible things to:eek:

I'm dithering again...I'll go water mi veggies...see if that helps

Hi dither,

Well, you're preaching to the converted here, I'm no fan of sticking any part of my anatomy in a Hornet's nest :eek: I didn't want to bother my O.R with the unnecessary detail of a recent six figure lottery win

There's no hurry with the policy if you're still paying the premiums so just sit back until they contact you or you're discharged and then ask them how you go about "buying it back". You might even find out before then and that would be a bonus.

Hope the veggie therapy works,

Rich

allofadither

Sitting back sounds good to me...watching mi veggies grow doesn't cost a bean :rotfl: (that was my little joke ...and I don't do many of those).