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» Insurance » Can anyone tell me WHY i should keep my life insurance
memberPosted by pickles 20 views.

Can anyone tell me WHY i should keep my life insurance policy or try to get a new 1 in my circumstan


http://uk.answers.yahoo.com/question/index?qid=20081004082602AAraHUr

ok, people say i should keep the policy,or get another one but WHY? i mean if im dead and they DO pay out, why do i care? i have no one to pay it to. and i obviously wont get another policy to cover me "if i stop working due to illness" if im not working NOW due to illness! so whats the point of having ANY policy? please explain if you think i should keep it or get another policy thanks
btw im in the UK if u did not gather that from the sign ;)
it was originally taken out as part of a requirement for a mortgage which has now been paid off. my "critical illness" cover was included in this policy but if you read the question in the link it shows that that critical illness did not pay out because of a technicality so essentially its useless. please read link for more info.
im not trying to cash it in though i guess i could see if i could. my funeral is paid for and my mother is not a dependent to me, father dead, in fact, if it pays out to my mother, next of kin, thats a good enough reason for canceling it, she is to get nothing. she an SOB and old enough and rich enough to look after herself.
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1 Comments :

member1 by Ian K 8 years ago.
There are two basic types of life insurance, Whole Life and With Profits.
Basically with a whole life policy you pay until you die and money is paid to your estate and divided up according to your will.
A with profits policy is different in that you can "cash it in" and get money back. It is a bit like a long term savings account. If you cash it in early you may not get back the full amount that you paid in. In the later years of the policy you will see larger growths in the interest. If you die before the policy matures your estate will receive the full value of the guaranteed amount plus any interest.
So the best policy for you would be a with profits depending on your age. The whole life policy is no good for you unless you have someone to leave the money to. If you have no one then the whole of your estate goes to Gordon Brown - or you could name me in your will and I would be very grateful.


Having read your additional info I would cash it in and enjoy the proceeds while you can.
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