Term life insurance

susan100

I am wondering if anyone can give me a little advice about selling our term life insurance which is no longer for us we tried to cash it in only to be told no cash in value on this policy so we thought after paying into it for 15 year could we get something back if you can sell them help would be appreciated

kingstreet

There is no market for such products unless you have a confirmed terminal diagnosis.

As most will pay out 100% of the sum assured on such a diagnosis, you are unlikely to be able or to want to sell.

Term assurance products have no investment or savings element, so they lapse no value on reaching the expiry date.

Your benefit is you survived and didn't need to claim on the cover, just like your car or home insurance.

csgohan4

It is insurance and as most insurance products, you can't claim back the premiums because you didn't claim.


Do you claim back your premiums for the car insurance you didn't claim on last year?


As Kingstreet mentioned, it is good you didn't need to claim. Money can always be earned, life cannot

McKneff

This would have all been in the terms and conditions when you took the policy out

You would have signed to say that you had read and understood these.

Would it be feasible for you to keep the polcy going....

dunstonh

I am wondering if anyone can give me a little advice about selling our term life insurance which is no longer for us we tried to cash it in only to be told no cash in value on this policy so we thought after paying into it for 15 year could we get something back if you can sell them help would be appreciated

Most Term assurance plans are non-profit. i.e. they have no value. They are just like car insurance or household insurance. You only get paid if there is a claimable event. In this case death.

There are some plans, typically from before the mid 90s, that did accrue values but they are not common nowadays. These cost a lot more than pure term assurance plans.

If you have been told yours has no value then it has no value.

susan100

Thank you for replies to my query about Term Insurance even though may i say very blunt and to the point anyhow this question was asked in genuine circumstances not due to greed reason being my husband usually dealt with all these things but very recently was diagnosed with a medical condition called Lewy Body Dementia so our circumstances have drastically changed plus as for knowing what you are signing sometimes i have known on several occasions to be given misguided advice and miss-sold purchases

Weighty1

On the basis of your husband being diagnosed with this condition would it not be worthwhile keeping hold of this plan? Unfortunately, it's unlikely that your husband would be able to get life insurance again so this could stay in force to leave money behind if/when it's needed.

susan100

Thank you Weighty1 i have now thought over this and have decided to keep hold of it being that it matures in 8 years time wouldn't do any harm but i am hoping beyond hope that we are still alive and thriving by then fingers crossed:)