Received this email today? Life insurance

stanger66

As the policy has no current value, the Official Receiver is offering to sell their interest in the policy back to you for a fee of £50. If you wish to proceed, please refer to the payment details on page four of the letter and sign the declaration form on page three. We accept digital signatures or a clear photograph of the signed page, which can be returned via email to DART.post@insolvency.gov.uk.  

Please note if you continue to pay the premiums but do not purchase the Official Receiver’s interest, any future pay-out will vest in the bankruptcy estate, even after your discharge.  

If you choose to cancel the policy or stop paying the premiums, there is no need to purchase the Official Receiver’s interest.  

So reading this correctly I should cancel this policy and start a new one?

fatbelly

II guess it depends. Getting the same cover now could be more expensive than continuing the old policy. £50 may be a good offer.