Joint Life Assurance after divorce? What to do?

Betsy15 · 2 July 2015 at 8:37PM

I am almost divorced and the marital home sold this Monday, but now I have to decide what to do with the join Life insurance and Critical Illness policy. We have paid £39 a month for over 15 years to Scottish Provident….it is a level term policy at 120k. I called up today and was told we either cancel it (lose all our money?!) OR I can take it over as a single policy at £25 a month. But who gets paid out if I get ill or die? (I have twins aged 10) But my main query is why do we not get anything back if we cancel now? :-( I do not have a clue about these types of things so would appreciate any advice! Thanks a lot

rs65 · 2 July 2015 at 9:06PM

Betsy15 wrote: »

But my main query is why do we not get anything back if we cancel now?

Your premiums have paid for 15 years of cover. Why do you think you would get anything back?

Betsy15 · 2 July 2015 at 9:40PM

Have no clue! :-) Thats why Im asking! I didn't think I would but my parents (in their 70s seems to think I would)

rich13348 · 2 July 2015 at 10:19PM

I think what RS65 means is look at it like a car insurance policy. You pay 30 a month for 11 months then you sell your car you can't turn round to the insurance company and say by the way can i cancel my policy had no accidents for 11 months I've now sold the car can I have 330 back please. You have been covered for the last 15 years but you are not entitled to the premiums back.