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Life insurance connected to Endowment policy
Galwaygirl2k
Posts: 3 Newbie
Recently my edowment mortgage has matured and I had a life insurance policy set up 20 years ago to run alongside it.
I thought the life insurance policy with Legal & General would cease at thesame time but this wasn't the case.
I have contacted Legal & General informing them I wish to cancel the policy and they have informed me there is a cash in value of £977.
The policy is a Whole of Life Plan and was for £60,000
I wasn't expecting there to be any cash value.
I have seen another life insurance company on MSE which would cover £150k and the premiums are less than those at Legal & General.
Are there any pitfalls cashing in the Policy with Legal & General?
I thought the life insurance policy with Legal & General would cease at thesame time but this wasn't the case.
I have contacted Legal & General informing them I wish to cancel the policy and they have informed me there is a cash in value of £977.
The policy is a Whole of Life Plan and was for £60,000
I wasn't expecting there to be any cash value.
I have seen another life insurance company on MSE which would cover £150k and the premiums are less than those at Legal & General.
Are there any pitfalls cashing in the Policy with Legal & General?
0
Comments
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The policy is a Whole of Life Plan and was for £60,000
There is the clue in the name. Whole of life assurance. A policy taken out for a fixed period is called a term assurance.I have seen another life insurance company on MSE which would cover £150k and the premiums are less than those at Legal & General.
Life assurance has reduced in cost over the years. Yours has a part investment element and is for the whole of your life. How does the other one compare?
Policy ends is the main one.Are there any pitfalls cashing in the Policy with Legal & General?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
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