Hi I have a critcla illness and life insurance policy which is part mortgage endownment,can you advise if this would need to be cashed in for my trust deed?
Hi td5656
Yes, if it has a surrender value it will be looked on as an asset.
A lot will depend on its value.
Mark
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Hi td5656,
As Mark said a lot will depend on the value of it. Do you know what the value could be or if your Trustee has established the value? Was it included in your TD as an asset at the outset?
It may be possible for a third party to pay the value of the policy over which could allow you to retain this but again, depends on the value.
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I think the value of itwould be about £6000.00, if it was to be cashed in that means the life insurance and critical illness part f it would end.
It was never mentioned when the trust deed started
If the policy is in joint names, they would only be entitled to half. However it remains an asset and you should look at dealing with this immediately to get confirmation on the position, otherwise you will be continuing to pay into something which will later possibly be surrendered.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.