Beneficial Interest During BR & BRO

tickles2

Hi again ladies and gents.
BR was a few weeks ago now. I still have a combined life insurance and critical illness policy from before the BR.
It has zero surrender value. Stop paying the monthlies and it simply cancels. No refund of anything paid.
A few questions if I may:

1. If I were to die or fall ill within the definitions of the policy so it paid out whilst I was undischarged, would the funds go to the OR with any difference after paying my creditors being paid to me/my wife?

2. If I buy the BI back from the OR for £50 does number 1 above remain the same?

I can of course simply cancel the policy and buy a new one. The OR confirms he would have no interest in this, but again, if the policy were to pay out whilst I was undischarged, would the OR have an interest in this money?

Also, if I end up being subject to a BRO that carries on after my discharge, does the OR still have an interest in pay outs from life insurance, inheritance, windfalls, increase in salary etc?

Thanks in advance.....and Happy Friday/Weekend etc! :T:beer::j

dojoman

tickles2 wrote: »

Hi again ladies and gents.
BR was a few weeks ago now. I still have a combined life insurance and critical illness policy from before the BR.
It has zero surrender value. Stop paying the monthlies and it simply cancels. No refund of anything paid.
A few questions if I may:

1. If I were to die or fall ill within the definitions of the policy so it paid out whilst I was undischarged, would the funds go to the OR with any difference after paying my creditors being paid to me/my wife?

2. If I buy the BI back from the OR for £50 does number 1 above remain the same?

I can of course simply cancel the policy and buy a new one. The OR confirms he would have no interest in this, but again, if the policy were to pay out whilst I was undischarged, would the OR have an interest in this money?

Also, if I end up being subject to a BRO that carries on after my discharge, does the OR still have an interest in pay outs from life insurance, inheritance, windfalls, increase in salary etc?

Thanks in advance.....and Happy Friday/Weekend etc! :T:beer::j

The answer to both questions is yes, but once you are discharged if you have bought the policy back then any money paid to you will be yours, if you don`t buy it back and continue paying, the OR would still take the money even if discharged.