New corp Life benefit, cancel private Life cover?

jkforde

hi all

I've a new corporate Life benefit, so should I cancel my private Life coverage? thinking if I lose my job in the future, and do not go straight into a new position, I'll have no life cover and would have to start again at an older age..

(btw, usual moan about the useless search function on here, I did try to find previous similar posts..)

coylemj

You'd also have the possible issue that if you changed job or were made redundant and had to start a new policy, it might (because of your age) involve a medical. Which could raise an issue which results in difficulties getting a new policy for an affordable premium.

That said, if you keep your personal policy, you might find that you have too much cover. So I'd carefully sip a sample of that soup before slurping a spoonful!

odyssey06

The what happens if change jobs is an important consideration.

Also, if you are planning to get a mortgage in future / trade up you could use the cover in your own name towards that.

jkforde

thanks both for your replies, good food for thought! might keep the policy but reduce the assured amount \ premium.

Henry Ford III

Some group D.I.S. schemes will have a continuation option which means that on leaving service you can take out personal cover without medical evidence.

Check with the admins.