Question:

Life inserance in bankruptcy

Hi i have just gone bankrupt and was asked by or to send in my life insurance policies they are both axa sunlife over ffty policies there is no surrender value only payable on death they said if i wanted them back it would cost me 50 pounds for each policy can i cancel them as the monthly premiums are only 7 pounds each and find another insurance policy as it seems daft paying ou t 100 hundred pound that is a few months premiunms

Answer:

I am unsure who you are saying it would cost you £50 to get the policies back, the OR?

You may want to discuss this with the OR handling your bankruptcy as if the policies have no cash value I am unsure why they would want these.

Also, you would want to discuss cancelling them or taking out new policies with the OR as they may need to approve the monthly expenditure.

Thank you for letting me help you.

Jon

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