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wrong forum possibly - surrendering insurance
debtfree1day
Posts: 382 Forumite
hi
I have decreasing term assurance. I pay a certain amount each month which insured a small amount of depreciating mortgage (started at 36k) BUT included an investment element
I need to surrender as need the cash. Company, cis have offered £1560, is there a chance I could sell somehwre else and get more
where?
Thx
Lisa
I have decreasing term assurance. I pay a certain amount each month which insured a small amount of depreciating mortgage (started at 36k) BUT included an investment element
I need to surrender as need the cash. Company, cis have offered £1560, is there a chance I could sell somehwre else and get more
where?
Thx
Lisa
0
Comments
-
It is highly unlikely anyone would be interested as the premiums will not be guaranteed and the policy is not an endowment.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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by premiums do you mean the total at the end as opposed to what I pay each month (which is fixed at £22)
if so thats that then, and I will surrender to cis
Thx very much
lisa0 -
Premium is the monthly payment. Plans with an investment element will not normally have guaranteed premiums. There is usually a initial guaranteed period of typically 10 years but after that, they are reviewable and can (and often are) amended if the investment fund cannot pay for the difference.
Unlike an endowment which aims to provide capital growth, these types of plans do not. Any growth is a by product and not a primary goal which makes them of no interest to TEP companies.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Premium is the monthly payment. Plans with an investment element will not normally have guaranteed premiums. There is usually a initial guaranteed period of typically 10 years but after that, they are reviewable and can (and often are) amended if the investment fund cannot pay for the difference.
Unlike an endowment which aims to provide capital growth, these types of plans do not. Any growth is a by product and not a primary goal which makes them of no interest to TEP companies.
THANK YOU:T0 -
associataion of policy market makers?
They have offered us some cash - more than cis.....any good?0
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