We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Life Assurance - Cash Out
charblackburnn
Posts: 2 Newbie
Hello 
I was wondering if anyone could help me; I reccently got a new job and today I recieved the contract.
The benefits mentioned that I had life assurances x 4 my yearly salary (my salary is just above £19,000 a year). I understand the basic foundations of life assurance opposed to life insurance (assurance is when I die where as insurance is if I die to certain marks, a very simplised term, I apologise)
My contract also mentioned as one of my benefits, I could 'sell' a minimum of one of my life assurance back to the company. Could someone please explain to me how this works? Like what the concept means and how it would be broken down as I can't imagine they would be pay out £19,000 in one go.
I was wondering if anyone could help me; I reccently got a new job and today I recieved the contract.
The benefits mentioned that I had life assurances x 4 my yearly salary (my salary is just above £19,000 a year). I understand the basic foundations of life assurance opposed to life insurance (assurance is when I die where as insurance is if I die to certain marks, a very simplised term, I apologise)
My contract also mentioned as one of my benefits, I could 'sell' a minimum of one of my life assurance back to the company. Could someone please explain to me how this works? Like what the concept means and how it would be broken down as I can't imagine they would be pay out £19,000 in one go.
0
Comments
-
Your company will pay a premium to insure you x4 your salary.
If you opt to reduce your cover to, for example, 2x your salary then your company won’t be paying the premium and you will receive this on top of your salary.
When I worked somewhere that did this, the ‘buy back’ was about 50p a month0 -
Your company will pay a premium to insure you x4 your salary.
If you opt to reduce your cover to, for example, 2x your salary then your company won’t be paying the premium and you will receive this on top of your salary.
When I worked somewhere that did this, the ‘buy back’ was about 50p a month
Thank you for the reply!
So if I wish to 'sell' two of the assurances, I would recieve whatever the premium is (x2) and then I would have the option to buy back?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.7K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.8K Work, Benefits & Business
- 603.3K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards