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| T O P I C R E V I E W |
| RHB |
Posted - 28 November 2008 : 16:11:35
Could anyone confirm the position regarding life insurance. If you buy back your policy for 50 pounds or buy someones BI would the OR receive the payout if the bankrupt person died in the year of their bankruptcy or you? |
| 5 L A T E S T R E P L I E S (Newest First) |
| RHB |
Posted - 29 November 2008 : 07:27:30
Have any of the experts got an answer to this???? |
| movin on |
Posted - 28 November 2008 : 22:59:41
Hi RHB
I too am under the same impression as Jo, as my examiner told me once i had paid the £50 it will be signed back over to me and (god forbid) if anything were to happen then my hubby would receive all money.
I kept my policy as it had doubled in price and we have held it over 10 years
Not sure about the house BI, im presuming it stays with the 3rd party until you buy it back???
Onwards and Upwards is the way im going :-0)
xx |
| Needafriend |
Posted - 28 November 2008 : 19:59:25
Hi all i can advise is what i know and that is not a lot,
Right we had life policies 2 single and 1 joint which the joint was for mortgage cover.
If you pay the £50 for each of the policies and that would be £100 for a joint one then the OR has NO further interest in it even whilst BR.
If you dont pay the fee as i did not then policy will lapse and i have taken out new poicies which are no longer in the BR.
The main reason i took out new ones as i shopped around and found the same cover cheaper than before and also did not need to pay the OR their fee for them.
LOL
Jo
x
For more info on how i have come through bankruptcy and for links to help, you can read my blog here called:
Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
Needafriend says: Live life to the full, take life by the horns and live a little, otherwise life would be so boring!
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| daisyw |
Posted - 28 November 2008 : 18:17:23
I too am confused by the insurance policy thing.  My husband and I both have life insurances which are a requirement of our mortgage which we are intending on keeping. They are both decreasing policies which just cover the house so that if either of us dies, the mortgage is paid off and the house is passed to the other. Is the best thing to pay the £50 for each, otherwise if the worst happened then the house would be swallowed up by the BR? (sorry to gatecrash!) |
| jwmc77 |
Posted - 28 November 2008 : 16:46:18
hi rhb, i would think that if that (god forbid) were to happen, the or would probably look to recover any shortfall caused by the br....however..if it were to happen after your discharge from br, the or would be unable to touch a penny.
MAC |
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