Pension Life Cover Benefit

Jaffa001

In January 2003 I suspended my pension payments due to a change in my work circumstances, however it was recommended to me that I continue to pay the life cover benefit which I have continued to pay ever since. Is it something I need to pay or is it a PPI scenario? If I do not need to pay it will I lose out on anything if I stop paying it?

CLAPTON

how much do you pay
and what are the benefits?

Jaffa001

It's only £1.44 a month and I don't know what the benefits are.

PeacefulWaters

Jaffa001 wrote: »

It's only £1.44 a month and I don't know what the benefits are.

Perhaps you should find out. Then it Can be established if it's of any value.

saver861

Jaffa001 wrote: »

Is it something I need to pay or is it a PPI scenario? If I do not need to pay it will I lose out on anything if I stop paying it?

Your survivors will lose out on the Life Cover should you die!!

I'm not sure why you would think it is a PPI scenario?? It was already in place and from your OP, it seems you discontinued the pension but carried on with the Life Cover.

dunstonh

Is it something I need to pay or is it a PPI scenario?

Life assurance is not PPI. it is life assurance. PPI is PPI.

If I do not need to pay it will I lose out on anything if I stop paying it?

you cant buy pension term assurance any more and you are never going to gain from this policy as it pays out on your death. it will be your beneficiaries that gain. However, they wont if you cancel it and die.

It's only £1.44 a month and I don't know what the benefits are.

Life assurance is very easy to understand. if you die it pays out.