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Prime life assurance
hayabusaman0
Posts: 19 Forumite
Good Evening All.
I am 65,married, no mortgage, no debts, I have a personnel pension of £100,000 which has not been dipped into yet, in good health & finances are ok. I have just retired & was going thro' policy's etc & I have a Prime life policy with Aviva. This was originally a Standard life with my previous IFA who retired a few years ago & passed all his clients to my present IFA.
The current premium is £31.57, death benefit - £37814.00 & fund value £5435.00 as of Dec 2016. The premium rose by £1.60 last year.
Would it be sensible to keep this policy alive, can I cash it in?
I have spoken to my IFA(who was non committal) who said that "he did'nt know why his predecessor would have suggested this as he has no paperwork" but did say that it might be able to go into my pension pot.
I just wondered what you guys thought?
Sorry for the long thread!
Paul.
T.I.A.
I am 65,married, no mortgage, no debts, I have a personnel pension of £100,000 which has not been dipped into yet, in good health & finances are ok. I have just retired & was going thro' policy's etc & I have a Prime life policy with Aviva. This was originally a Standard life with my previous IFA who retired a few years ago & passed all his clients to my present IFA.
The current premium is £31.57, death benefit - £37814.00 & fund value £5435.00 as of Dec 2016. The premium rose by £1.60 last year.
Would it be sensible to keep this policy alive, can I cash it in?
I have spoken to my IFA(who was non committal) who said that "he did'nt know why his predecessor would have suggested this as he has no paperwork" but did say that it might be able to go into my pension pot.
I just wondered what you guys thought?
Sorry for the long thread!
Paul.
T.I.A.
0
Comments
-
Hi All. Is there a reason for no comments?
Thanks
Paul0 -
Do you need life insurance?
If you die, is there anyone who will financially struggle?
If not, then I am not sure what you need the policy for - maybe £5k or something to pay for a funeral, but £30k seems high.
I am not sure about transferring it to a pension as I am not qualified to give pension advice.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks ACG.
I do not have anyone who would suffer financially as my wife & I have a rental property which would be sold in the event of us needing money.
I will contact my IFA about the options I have.
Cheers
Paul0
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