Life Insurance options

Cee

Today I've finally received a letter in regards to my life insurance policy. It was one that pays out on death only and it was for me, the only bit of security left to give to my son to inherit should I die.

I knew there would be something coming up but wasn't really explained properly.

So now i have 1 of 3 options,

Pay £50 to keep the policy and keep paying the premium (this has lapsed since my bank bounced back everything and its been in my mind to contact the insurance firm as i believe they don't have my forwarding address...

Don't pay the £50, pay off the premiums i missed if they let me and continue paying and if i die the OR may get it

Don't pay anything and the policy will lapse, thus at end of the bankruptcy i will have to get a new policy and prob pay more premium for my age, and how much it costs now..


I'm 48 and would still love my son to inherit something as there isn't a property anymore, I'm just looking for What you would do, suggestions, I'm thinking £50.. But i was also wondering if my son could take out a policy on my life and I give him the money for my premiums, but i don't know if thats an option anymore.

Tryingsohardtofloat

I had this option too.

The only reason I would have paid £50 & kept the original policy is if I had a pre existing condition or something in my health records that would prevent me from being easily insured again.

As I am healthy with no complications I chose to not pay, waited until discharge & have taken out a new policy which is about £6.00 per month so not really any more expensive (female, mid 30's)

My suggestion is to do some quotes for a new policy assuming the BR has gone ahead & see what premiums they quote, then make a decision based on that.

I think its possible to insure someone else's life but then you run the risk of handing over the money for premiums & they get spent on something else, no offence to your son & then he doesn't have a lump sum in the event of your death. But I'm sure someone more knowledgable then me will be along to clarify that for you.

Cee

Thanks for the input, sounds like a viable option x