Is there a get out for me, or am I locked in.

AlienSkin

I took out a Life Assurance cover, through my bank, for myself for a period of 20yrs. the pollicy expires upon reaching the age of 70.

However, I thought it was for full life cover; Eg, when I "pop my clogs," my surviving relative/s receive full payment; which is a substantial amount. This was to pay for any/all debts which might remain after death.

Life expectancy these days for a healthy male is well over that age. I do not smoke or drink and have a health diet/life style.

My circumstances have changed and my biggest debt is a morgage. By careful management I hope to pay thet off within the next year.

If I survive after my 70th birthday and the policy expires; I will have paid out in the region of £14,000.00. For nothing you might say!!

I pionted this out to the Bank, after a lenghty delay they sent me a letter to say that the policy was the best available for me at that time. That I had a 14 day period in which to cancel.

The delema is, and if I can, do I inform the bank I wish to cancel the policy, incur any cancellation fees etc. Put the montly premiums to better use, or am I stuck with no way out!!

If there is a pain free way out of this situation any help or advice would be appreciated.

Regards.

dunstonh

You have a term assurance which is effectively pay as you go until expiry. There is no tie in or commitment to keep it.

The bank dont appear to have done anything wrong so complaining about it wont get you any where.

I dont know if bank advisers would have a whole of life assurance policy available to them or not but that is the type of plan you want if you want to be guarnateed a payout.

BrightonBoy_2

Simple term insurance can be cancelled without any penalty and, if the debt(s) it was purchased to cover no longer exist then there would appear to be little point in continuing to pay it. Just write to them to cancel when you want to and cancel the dd.