[Finance] Life assurance

[Falmer Wizard]

I am advised of the current value of my insurance including this years bonus and that the final bonus is not guaranteed, the Cash-in value is quoted, i have a feeling that if i cash in now my family could well lose out on my death.
Would appreciate your comments

 

[Change at Barnham]

You probably need to provide some figures which you probably are reluctant to do.
An adviser would want to know for starters what company it is with, when it was started and what the term of the policy is.

 

[Falmer Wizard]

You probably need to provide some figures which you probably are reluctant to do.
An adviser would want to know for starters what company it is with, when it was started and what the term of the policy is.

I just wanted to know whether Life Assurance companies make a habit of trying to encourage people to cash in their policies rather than let them run

 

[Guinness Boy]

I just wanted to know whether Life Assurance companies make a habit of trying to encourage people to cash in their policies rather than let them run

You need to speak to an IFA. Anything you do on a life policy with value should be advised.

You don't even seem to know what the product is.

 

[Papak]

I just wanted to know whether Life Assurance companies make a habit of trying to encourage people to cash in their policies rather than let them run

I'm willing to take a wild guess that if they are offering you the option to cash in it is in their best interest and not yours.

 

[Guinness Boy]

I'm willing to take a wild guess that if they are offering you the option to cash in it is in their best interest and not yours.

Wild guess is correct.

Is it a bond or endowment? Or has the OP totally misunderstood it and it's simply life protection with no value? Has it just reached its maturity date, in which case the insurer has to write to you with an encashment value? Does it have a limited premium term but unlimited growth term in which case you could switch it into a low risk fund and let it roll up? Is the life cover still on risk? Did the OP lie about his health when he bought it? Is this, in fact, actually a letter from a company who want to take the policy on?

For all these reasons get some proper advice.

 

[Super Steve Earle]

The OP sounds out of his or her depth. My advice would be do nothing without advice from someone who understands exactly what you have and your options. Life Assurance in it's various forms is not difficult to understand, but hey, I come from a financial background. Please do nothing without qualified guidance.

 

[HantsSeagull]

sounds like an endowment to me. possibly with profits. Impossible to advise without more info. Speak to an IFA.

 

[mreprice]

Speak to an IFA. But as an actuary I can let you know that the cash in value will NOT be more than the (actuarially) fair value.

 

[Steve Foster]

I am advised of the current value of my insurance including this years bonus and that the final bonus is not guaranteed, the Cash-in value is quoted, i have a feeling that if i cash in now my family could well lose out on my death.
Would appreciate your comments

Hi, as an IFA myself happy to help or give you guidance.

I will send you my details on private message