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Can you sell a lift insurance/assurance policy?

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  • 24-09-2013 10:18pm
    #1
    buttonbutton
    Registered Users Posts: 1 ✭


    Hi

    Father is looking to sell his lift policy (as he calls it a death policy)

    He's unsure of the exact details, but here is what I know:

    He has a policy that he has been paying E200/month for about 10 years.

    If he lives past 78 years, he gets nothing. If he dies before hand, the family (*my mother) gets about E60K.

    So, with a celtic tiger apartment floundering, selling this policy could make the difference and allow them to clear the mortgage now.Is this legal, any starting points?

    Thanks

    Button Button


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    #2
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    buttonbutton wrote: »
    Hi

    Father is looking to sell his lift policy (as he calls it a death policy)

    He's unsure of the exact details, but here is what I know:

    He has a policy that he has been paying E200/month for about 10 years.

    If he lives past 78 years, he gets nothing. If he dies before hand, the family (*my mother) gets about E60K.

    So, with a celtic tiger apartment floundering, selling this policy could make the difference and allow them to clear the mortgage now.Is this legal, any starting points?

    Thanks

    Button Button

    No you cannot sell it, but im curious as to what value you think your fathers life policy is to a third party?


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    #3
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    Pablo Sanchez wrote: »
    No you cannot sell it, but im curious as to what value you think your fathers life policy is to a third party?

    Second hand for example endowment policies can be bought and sold.


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    #4
    Pablo Sanchez
    Closed Accounts Posts: 1,207 ✭✭✭Pablo Sanchez


    Henry Ford III wrote: »
    Second hand for example endowment policies can be bought and sold.

    That's true, but what is described above is not a endowment policy.


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    #5
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    Pablo Sanchez wrote: »
    That's true, but what is described above is not a endowment policy.

    I know. It's a life assurance policy the very same as an endowment policy is. It can be bought and sold.

    I've seen one term assurance policy sold.

    An elderly man in poor health didn't have the income to pay high premiums. His family took them over and he assigned the benefits.


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