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Can a life policy be cashed in without the holder actually dying?

  • 27-08-2009 8:30pm
    #1
    stoblerone
    Closed Accounts Posts: 39 ✭


    Was asked this question with no idea how to answer it. So I said I'd put it on Boards.

    Any ideas?


Comments

  • #2
    broker2008
    Registered Users, Registered Users 2 Posts: 750 ✭✭✭broker2008


    Yes if it is a life/savings policy where one can "cash in" a portion or all the savings element which will mean that the life cover will either be reduced or eliminated.


  • #3
    djk1000
    Closed Accounts Posts: 899 ✭✭✭djk1000


    Depends on the policy, some have a surrender value, some don't. You'd have to read the policy documents.


  • #4
    patbrady877
    Closed Accounts Posts: 46 ✭patbrady877


    It depends if it is a 'whole of life' assurance policy. If it is there are two elements to the premium, one to cover you if you die, and the other bit is a savings policy. They are the old form of life assurance policies, the majority of life assurance policies now are either level term, convertible term, or mortgage protection.

    Let me know if you need more info


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