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Whole Life Iinsurance Policy

Eyewearman · 2022-10-24 12:46:46

Hi Heres the story Took out whole life insurance policy for my wife & myself with Sun Life 1n 1986(£20 per month) with "guaranteed"£40k payout with the death of one partner Last year Pheonix(who took over the policy from SunLife) informed me that "guaranted"payput now reduced to £32k & this year it has fallen to £8k To…

Comments

kingstreet Posts: 39,277 Forumite

26 October 2022 at 9:51AM

If you had bought a term assurance in 1986 and survived until now you would have nothing to show for it.

If there is a surrender value, you do have something you wouldn't otherwise have had. As dunstonh suggested if you are insurable now it may be worth taking the surrender value and purchasing new cover, if it is still needed. As you are at usual retirement age, what continuing need for life cover do you have?

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