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Should I sell my life policy?

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  • 19-08-2009 7:51pm
    #1
    G Luxel
    Registered Users Posts: 1,407 ✭✭✭


    I have a life and critical illness policy into which I pay 120 euros a month. At the moment im up to my eyeballs in debt so I want to sell the policy as I have had it for the last ten years. I am single, have no dependents, I dont have a mortgage or rent. So basically Im paying for something that I didnt even need in the first place. I rarely hear from my company unless they have not received a payment or they want to upgrade my existing policy.

    Any ideas before I contact the company?:o


Comments

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    #2
    Ogham
    Registered Users Posts: 1,844 ✭✭✭Ogham


    Are you sure it is something you can sell? I think it's probably just a case of cancelling the policy - I doubt if you will be able to sell it. Why did you ever think you needed it ? Who would get the proceeds if you died?
    Sounds like a broker was more interested in commision than selling you the correct product.


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    #3
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    If the policy is unit linked, there may well be a value. You could cash it in, although value will probably be low. Get advice for your options. You might be able to cease payments and have the existing fund pay for the premiums.


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