Please help, I am 45 and have had a whole of life policy since I was 19 cost 21.52 per month (I can only get life cover now - with 50% loading due to medical history) replacement cover cost approx £280 per month. The OR tells me that my whole of life will be cashed in there is a £2600 value to the plan. Leaving my 5 year old daughter with nothing in the event of my death. My Husband left me with the Joint and several debts to start his new life in Australia. I am all she has got. Can the OR do this? Thanks in advance
I am afraid tha the OR is quite within his rights to cash in your whole of life insurance policy as there is a cash value attached to it. However nothing is set in tablets of stone and I would discuss the matter with him. I suggest that you make him an offer as you obviously wish the policy to continue. It may be possible for your interest to be transferred for an amount equivalent to the present value of that interest.
Sorry to be the bearer of bad news but good luck.
John Blackadder Bankruptcy 365.
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk.
Please help, I am 45 and have had a whole of life policy
Posted - 14 October 2011 : 09:00:29
