Cashing in assurance policy??

mat_H_2

Hello there,I need some money to pay off a loan and I am planning on cashing in a policy 2 years before it matures of its 15 year term.I am told that I could sell this policy for better money than I would be offered by the assurance company??Has anyone found companies that would buy my policy??If you have any advice please post a reply.Thanks Mat

lisyloo

Hi Mat,

How desperately do you need to money?
Have you worked out how much you might loose compared with the cost of the loan?

What type of policy is it? e.g. unitised or with-profits etc.

There are only certain types of policies you can sell.
People buy them because they have large bonuses attached at then end.
This means 2 things

1). You will lose out big time on the bonuses, hence my initial questions.
2). If you don;t have the type that has bonuses attached no-one will want it and you won't be able to sell it (only cash it in).

Have you obtained the cash-in value from the provider?
Have you compared this with the cost of the loan?

These are your first steps before you can decide whether to cash-in/sell.

mat_H_2

THANKS FOR THIS INFO i WILL NOW LOOK INTO THE LOSS BEFORE I DECIDE WHAT TO DO.

MAT