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Ending an insurance policy?
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nicki_2
Posts: 7,321 Forumite
I've decided to cut back our expenses a bit and one of the areas I'm cutting back in is un-necessary insurance costs. But I have a few questions :
1) how do I go about it? I realise the best form of communication would be by letter but what should it say?
2) should I expect to be able to get any of the money I've paid back? - I've looked on the policy agreement but I can't find anything about cancelling it.
HELP!!!!!
1) how do I go about it? I realise the best form of communication would be by letter but what should it say?
2) should I expect to be able to get any of the money I've paid back? - I've looked on the policy agreement but I can't find anything about cancelling it.
HELP!!!!!
Creeping back in for accountability after falling off the wagon in 2016.
Need to get back to old style in modern ways, watching the pennies and getting stuff done!
0
Comments
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1 - letter is fine. "please cancel the above plan with immediate effect, yours blah blah". then cancel the dd
2 - nope. Not unless it is a savings plan.
other option is to check with an IFA (assuming you didnt buy from an IFA first) as some of the plans may be important and the IFA could shop round and see if there are some savings to be made. Additionally, you can prioritise what is important to you and let the IFA tell you what each one does.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks for the quick response. I'll draft a letter this weekend when I'm hoping to have a "finance-date" with partner. He hates discussing money so I have to pre-warn him that it's happening so he can update our Money programme in time for me to review expenditure ::) ;DCreeping back in for accountability after falling off the wagon in 2016.Need to get back to old style in modern ways, watching the pennies and getting stuff done!0
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