wykikitoon 21519 Posted November 23, 2009 Share Posted November 23, 2009 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? Link to comment Share on other sites More sharing options...
Park Life 71 Posted November 23, 2009 Share Posted November 23, 2009 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? Stop the DD. Link to comment Share on other sites More sharing options...
NJS 4446 Posted November 23, 2009 Share Posted November 23, 2009 They'll probably try and tell you the money you've paid would be "wasted" if you stop it which is bullshit. Another thing is that an IFA will encourage you to cancel it but will also try and get you to take something else out as those theiving bastards get the commission up front. (I used to write software in that industry). Link to comment Share on other sites More sharing options...
wykikitoon 21519 Posted November 23, 2009 Author Share Posted November 23, 2009 Ive stopped the DD anyways, just dont want them to whack me with a big bill. Ill phone em tommorow and tell em Ive chatted with a Financial Advice dude so STOP IT MOFO! Link to comment Share on other sites More sharing options...
Park Life 71 Posted November 23, 2009 Share Posted November 23, 2009 Ive stopped the DD anyways, just dont want them to whack me with a big bill. Ill phone em tommorow and tell em Ive chatted with a Financial Advice dude so STOP IT MOFO! I normally send them a letter advising them my accountant will bill THEM for admin if they keep pestering me with letters and whatnot!! Tends to nip it in the bud. Link to comment Share on other sites More sharing options...
wykikitoon 21519 Posted November 23, 2009 Author Share Posted November 23, 2009 Ive stopped the DD anyways, just dont want them to whack me with a big bill. Ill phone em tommorow and tell em Ive chatted with a Financial Advice dude so STOP IT MOFO! I normally send them a letter advising them my accountant will bill THEM for admin if they keep pestering me with letters and whatnot!! Tends to nip it in the bud. Link to comment Share on other sites More sharing options...
Craig 6702 Posted November 23, 2009 Share Posted November 23, 2009 Just cancel it man - if you don't pay them, you can't claim - simple as. You've no obligation to keep paying it. Most (probably all now considering the financial climate) insist upon it when you buy a house. Basically find out if the policy has a surrender value - most likely it won't. My ex tried to make me keep the cover to ensure the kids are catered for should I pop my clogs. I have an insurance policy with work that'd adequately do that so fuck paying the extra £30 a month it was costing me!! Link to comment Share on other sites More sharing options...
soccermom 0 Posted November 23, 2009 Share Posted November 23, 2009 Cancel it, no mrs, no dependants, no mortgage. No issue. I have it so that it pays off my mortgage so i can take care of the bairn in the event I get diagnosed with something potentially life threatening like a case of the clap off wacky. I don't see why any one would want it if they don't have any of the above. One thing I will say is If you're gonna need it in the future, forseeable future and you can afford the 20 quid a week I'd hang on depending on your age, cos restarting in in 5 years will bump your premiums back up and you may also require a new health assessment, God forbid owt happens in the next 5 years like but if you get diagnosed with, diabetes or summat they can refuse to insure you or really hike up the premiums due to you having a pre existing conditin butting you in a higher risk catagory, esp since diabetes can possibly not always be a precursor to heart disease etc... Link to comment Share on other sites More sharing options...
Gejon 2 Posted November 24, 2009 Share Posted November 24, 2009 As others have said if you cancel your DD the cover will just lapse, they can't demand any money from you. £20 a month seems a bit much too, especially if it was built into another policy. Link to comment Share on other sites More sharing options...
wykikitoon 21519 Posted November 25, 2009 Author Share Posted November 25, 2009 Well its not £20 its more like £16, thats for two policies. Link to comment Share on other sites More sharing options...
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