Help Term Assurance & Critical Illness

[Darthshearer]

I need some advice on the above.

I bought a house with a bird (dont start!) Sold it and need to cancel these above. Now, I dont have the need to insure my mortgage as I dont have one. I explained this to a bloke at L&G and he said

"We advise you get financial advise before you do this"

Errrr why?

"We advise you get financial advise before you do this"

I tried to explain that if I die the ex bird would get a payout or similar

"No it goes into your estate"

I dont have one? Im at my parents now again and looking to FO abroad now.

So, do I need to keep spending £20 a month insuring something I dont have? Where do I stand on getting these cancelled?

 

[Calaen]

Simply cancel it

 

[Darthshearer]

Simply cancel it

Damn, why didnt I think of that

 

[DaGaffer]

Damn, why didnt I think of that

Nah, he's right. They're telling you to get financial advice because they're obliged to do so. I assume it has a redemption value of some sort (due when the original mortgage matured), so if you bin it you won't get anything and there will be FSA rules telling them they have to tell you to get advice first (its also probably why he was so opaque - can't act as an "advisor" himself). If you don't care about redemption just cancel it, or talk to an IFA. *edit* I am not an IFA

 

[Mabs]

"No it goes into your estate"

I dont have one?

from what i understand, your "estate" is all the stuff you own that gets dealt with of any value, its not, like, some archaic expression for your house

 

[Darthshearer]

I did say "I understand what youre saying, but can I just please go ahead and cancel it" and he wouldnt.

Ill phone back tom and say I have thanks, now cancel it.

 

[Tom]

I used to have it, paid for it for years. Then wondered why the fuck I had it, since it didn't pay out until I'd been sick for about 3 months.

Fucking useless, in other words.