increasing life insurance

Hunnie1977

Hi All
Hope all are safe and well 
We took out the above when purchasd the our flat to cover the mortgage  in case something happed to one of us before the mortgage was cleared 
But we have now split up and mortgage is now paid up 
But i have stopped paying the premiunm and found out will only still get pay if some thing happen to one of us and we carry on making payments to the policy 43 a month 
but we are not not married so how does that work can i not move the policy so that i get something back in 14 yrs time as am 60 now and x is 44 as policy matures in 2038?

TIA 
Await your response

dunstonh

But i have stopped paying the premiunm and found out will only still get pay if some thing happen to one of us and we carry on making payments to the policy 43 a month 

If you stop paying the premiums cover will cease the following month.  (typically, each payment is for the month ahead).

but we are not not married so how does that work can i not move the policy so that i get something back in 14 yrs time as am 60 now and x is 44 as policy matures in 2038?

Most policies are cast in stone at the outset.  So, they cannot be changed (some policies may have certain events that allow for changes - child birth for example).

You don't get anything back unless you or one of the lives assured dies.

Aretnap

Life insurance is by and large a fairly simple product. It pays out if you die. It doesn't pay out if you're alive. The only way to "get something back" is to arrange for one of you to die before the policy expires in 2038, which I would not recommend.

In the dim and distant past there were products marketed as "life insurance" which were actually a combination of an investment product and an insurance product, and did provide a payout if you were still alive at maturity. However such policies have been largely obsolete for decades - it is cheaper and more tax efficient to keep your insurance and your investments separate. Unless you have one of those old-style policies already, there is no way to convert a standard life insurance policy into one of them.