Life Assurance cashing in

madasahatter4

We are having financial problems and have heard you can cash in your life assurance. Its is a joint one and only has about 10 years left to run. We are in our 40's


Is it worth cashing in to help us get out of this mess?
and
Will there be any problems getting new Life Assurance after cashing in the old ones?


Any help much appreciated
Thanks

Quentin

Cashing it in (assuming it has a value now and can be cashed in) won't have any effect whatsoever on future policies.

But the premiums for future policies will obviously be different to the ones you pay now because of your age and any health changes.

kingstreet

What kind of policies do you have?

Murts

You can not 'cash in' a standard life insurance policy.


You may have an older style 'endowment' type policy which may also have an investment element attached.


Cashing in this policy would not effect you taking out a subsequent life policy, however you will not be able to take another with an investment linked. (There are not offered anymore)


The premiums on any new policy you take would dependant on the term, sum assured and your current health, each of which may be different to your current policy so expect the premiums to be different.