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Ms

Flakeflynn
Flakeflynn Posts: 1 Newbie
in Insurance & life assurance
I took out a life insurance policy back in 1996 when we got a morgage on a new build house it is to mature 2023 at a sum of £30.000 unfortunatly i ended the policy a week ago & have been told there is no surrender value!!! However on paper work it says if policy is cancelled all money owed will be paid & if money is owed by me to them it is to be paid to the insurance company. Who were sterling life when policy was taken out but are now coeva

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  • dunstonh
    dunstonh Posts: 120,005 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    unfortunatly i ended the policy a week ago & have been told there is no surrender value!!!

    That is the case for most life assurance plans. They are just like house insurance or car insurance.

    Only endowments had an investment element but they were around 10 times the monthly cost of a term assurance.

    If you had an investment element you would have got an annual statement telling you how the investments were valued.
    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.
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