Hi Tara

I suppose a review of the policies and payments is being carried out to assess if these are suitable and at the best price, although if they come back cheaper then the Trustee may look for an increase in contribution which balances out I suppose as there is less to pay. It may be that the insurance review is from a contected part of the Trustee's firm and they wish to carry out a review for similar reasons. If you agree to this, best ask lots of questions about any proposed policies and check the position re commissions etc.

Mark

Yeah they said it was to check the companies we owe money to can't take any money if we get an insurance pay out. E.g. if something happened to one of us they couldn't claim some of the life insurance money. But reading the paperwork it's very confusing and looks like they are trying to sell us insurance.

Hi Tara.

They may well be trying to sell you insurance, but depending upon your existing position it might be in your best interests.

Remember you can go where you want for this.

Hi Tara

Like TDA says you can choose whoever to look into your Insurance matters.
They were possibly asking you to look into your current policy's and see if they needed updated and if they werent they could put them into Trust for you, so that if you passed away (god forbid) that the moneys due would go to whoever you had named as next of kin, rather than to your estate where the creditors can make a claim.

Thanks that sounds like what it is because it's in my husband's name they will be talking to him so I don't want them talking him into paying for extra things if it's not something we actually need if that makes sense.

Hi Tara

Are you both in Trust Deeds? My generally suspicious nature tells me that they are not setting up a meeting to review the beneficiary of any future payment in an existing policy.

Mark

No I'm not in a trust deed, it's our debt but it's all in his name as I couldn't get credit because I was at home looking after the kids. I always think people are trying to sell me stuff but it is definitely through the people dealing with our trust deed although it's a different company. I have a firm grip on our finances at the moment and I know if it's not me on the phone he will be easy to convince it's something we need to have. I might phone the company dealing with our trust deed and ask them.

Hi Tara

I think I'm correct, but if your husband has a policy and God forbid something was to happen, then you would be the beneficiary of the policy would you not?

Mark

I actually think it's our daughter that's named as the beneficiary if something happens so would the people he owes money to be able to claim anything?

Hi Tara

No, as she is beneficiary. In the event of anything happening, she would be entitled to any payout.

Mark

Great thank you so as long as they are happy that tge amount we are paying insurance isn't too high we don't need to do anything?

Hi Tara

Yes, pretty much.

As mentioned previously, the decision on what you do and who you use, if any, is your own.

Mark

Hello Tara.

In this instance I'd strongly advise that personalised advice from an IFA on any policy you have (or may take) is obtained very soon.

Forums can provide generalised information and views, but it's no substitute for personal professional advice specific to your needs and existing coverage.

Is it an ifa our trust deed company will have advised us to talk to? If so my husband has an appointment to talk to them next week. I just wanted us to both have more of an idea of what we should be asking and what it was for.
Thanks for all your help, I didn't realise how confusing all of this would be.