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Life Insurance problem?
waxbill
Posts: 11 Forumite
Can anyone help me please? I have had life insurance paid for by my company on my behalf. I am a director of a small company. It is purely a life policy and as far as I know has no other benefits. I am now 68 years old and semi retired. The same premium amount has been deducted for about 25 years. My question is will I still get the sum assured on my death? I don't want to ask them directly as they will probably say no but does the fact that they are still taking my premiums mean they must pay up? Thank you in advance
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Comments
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Hi,
you say, 'I have had life insurance paid for by my company on my behalf'.
Then you say, 'they are still taking my premiums'.
Who actually pays the premiums?0 -
My question is will I still get the sum assured on my death?
Were you ever going to get the lump sum?
Normally with small companies where the company is paying the policy, the sum assured goes to the company. It is to cover them in the event of the loss of a key worker.does the fact that they are still taking my premiums mean they must pay up?
Depends on the policy details.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 -
Thank you for your replies. My company has a standing order which has been in place for 25 years. It is a life sum assured to me on my death but I realise I now need to find the original policy details.0
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I agree with you Dun.0
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thank you for the replies. . . I think I need to write to them
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