Universal credit

Cheechee

Hello, 
I lost my job but will be looking for work as soon as possible so in the meantime I want to claim universal credit.
I have a capital investment bond which includes a small element of life cover (this is the description on my policy)
I've read that life insurance policies which have not been cashed in are disregarded.

A couple of questions

1) is my capital investment bond classed as a life insurance policy and therefore not means tested and disregarded?

2) do I need to let universal credit know about this policy even if it is disregarded?

I don't really understand the difference between an investment bond and life insurance policy so any help would be very much appreciated, TIA

calcotti

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/864939/admh2.pdf

Life insurance policies
The law
H2043 The value of a life insurance policy still in force is disregarded indefinitely.

Investments which include life insurance

H2044 Investments which include some life insurance are disregarded indefinitely if the agreement states how payment on death is worked out. It does not matter whether the amount paid on death is

1. more than or

2. equal to or

3. less than
the amount the person would get if the investment is surrendered the day before the date of death.

in my opinion you should disclose it and let the DWP decide whether or the disregard applies.

Cheechee

Thank you so much for your help.
My policy says
Death benefit payable on the death of the life assured 101% of the value of units and for the life with profits fund 101% of the value of units and any attaching final bonus.

Please correct me if I'm wrong but I'm assuming this policy would be disregarded.

I've never claimed universal credit before and don't want to hide anything so do I need to add a note to my journal telling them I have this account.  I applied a couple of weeks ago for UC and I will be told how much I will get on the 19th May. 

Any help on how I should word it would be very helpful, thank you

calcotti

As I have already said, my advice is to disclose it and let them decide. On the face of it a disregard may well apply but that is not your decision to make.
Add a note in the journal with as much detail as you can about the policy including what you have just said about how the death benefit is calculated.

Cheechee

I've added a note to my journal.
Thanks for your help and advice

Cheechee

Morning.

I will be finding out on 19th May what I'll receive for my universal credit claim.

Since making the claim the money in my current account has reduced by £700 due to direct debits for bills, food shopping and a visit to the vet ☹️.

Should I write a note in my journal letting then know my capital has reduced?

Obviously, money in a current account will always go up and down, do they take this into consideration?

Thanks

poppy12345

Cheechee said:

Obviously, money in a current account will always go up and down, do they take this into consideration?

Thanks

No because as you said, money in your bank will always change. Savings of less than £6,000 are ignored. Bills and food etc are not taken into consideration.

Cheechee

Hi all,

Sorry if this is a silly question but I'm just a bit confused about all the different types of benefits.
I've put in a claim for universal credit and not sure if I should have put in a different claim for new style job seekers allowance, or is this all calculated under the same form.

The form asked if I was looking for work and I answered yes and then I was asked if i had paid national insurance for (I think it said 26 weeks??) and I have as I've had no gaps in my employment (up until now).

If I can't manage to find work in September (I'm a teaching/learning support assistant) will the JSA end after 6 months?  Will universal credit continue until I do find a job?  Also, what happens if I only manage to find a part time job (a school has said they would like me to come for an interview . . . sometime in the future).  I know that the universal credit form said something about working 35 hours a week.  Am I able to still claim universal credit with a part time job and receive something similar to child and working tax credits.

Sorry for all the questions and thanks for all your help

poppy12345

New style JSA is based on your NI Contributions in tax year April 2017 to March 2019. It's paid for 26 weeks at £74.35 per week (over 25) this isn't means tested. If you claim this as well as UC then it's deducted £1 for £1 from your UC entitlement.

UC is means tested and can include help for rent, if you're renting your home. How much you're entitled to will depend on your circumstances. Using a benefit calculator will help. This is for those that don't work and for those on low income who do work. If you do start working in the future then your UC will reduce the more earnings you receive during your assessment period. If you don't have a work allowance you will receive a 63% deductions for earning received. UC will pay more than the JSA as a maximum entitlement. https://www.entitledto.co.uk/

Welsh01

Universal credit Increased April 2020
Is this permanent for future or just temporary rise due vivid 19 ?
So may information which confused what this answer is anyone know answer thanks

poppy12345

Welsh01 said:

Universal credit Increased April 2020
Is this permanent for future or just temporary rise due vivid 19 ?
So may information which confused what this answer is anyone know answer thanks

It would have been better to start your own thread with this question because it's a totally different question to what the original poster has asked.

To answer your question, the standard allowance has increased due to Covid19 and will remain the amount it is until April 2020. There was also a very small increase to due the annual April rise.