life insurance

[nannieali]

my dad has been told by the company that deals with his life insurances that he no longer has to pay the mount every month because he is 84. they will pay out amount on hie death. Is this right? and can he find out how much will be paid out to him? bit worried for him.
nannie ali

[strangewayofsavin]

Re: life insurance

Hi Nann, the amount possibly payable will be in the original agreement, but be warned such policies are usually entered into stocks/shares, property etc to gain interest, at present such policies are not worth what was promised under the rates when signed, last year my partners brother died, and had endowlment policies, life polocies etc, stateing upon maturement, they should be worht over £200,000, when cashed it turned out to be just ovr £63,000, due to current markets etc less admin fees. If he had died 3 years ago, then the proceeds would have been approx £150,000, the family has to decide on what is worth. we are on a down turn, the polocies of the 1980's are not worth what was promised. I have a habit of telling like it is, and it is like it is, enjoy the now.

[nannieali]

Re: life insurance

yes i was wondering if this would be so. how do i find out how much? does he just ask them. he defo been paying for ever on them 21 a month i think. i dont want to worry him or get him worked up about paying out all this money and getting nothing for it. he has put money aside for funeral anyway .
thanks for reply xx