We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Convertible Term Assurance Plan - Advice Req

Options
manchestermac2009
manchestermac2009 Posts: 2 Newbie
in Insurance & life assurance
Hi All,


I recently found that I had been paying £10 a month to prudential for a number of years.

This turned out to be a life insurance policy for an old mortgage I had when I was younger.

This mortgage is now closed and I have continued to pay the life insurance, the insurance value is £45,000.

From speaking to Prudential they tell me it is a Convertible Term Assurance plan that I can convert into an endowment policy.

It finishes in a few years and I am not sure what to do.

1. Is it better to convert now or later ( I don't need to life insurance as I have plenty elsewhere)
2. What will be the estimated payout?

Any help or advice appreciated.

Thanks
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture