mrso'brien
Registered User
- Messages
- 35
Hi,
I am hoping someone can shed some light on this for me.
I have 4 life assurance policies but only need and want one!(Or maybe two, not sure)
I am looking for advice on the best thing to do.
So, this is the way it currently stands:-
1. I built a house 5 years ago to sell. I took out a life assurance policy with Caledonian Life at the time, then sold the house, but I still have the life assurance policy. (I have written to them many times to cancel this policy to no avail...I have it 5 years too long!...but I am going to call into them to cancel once I figure out what to do).
2. I bought an investment property 4 years ago and got another life assurance policy with Zurich. I still have this property and life assurance policy.
3. I bought another house 3 years ago, which I currently live in...the family home. When buying this house, I remortgaged the investment property (No. 2 above). So I got a new life assurance policy for doing this with Arklife. I also got the life assurance policy for the house I currently live in (family home), with Arklife.
4. So now I have 2 life assurance policies on the investment property, one with Arklife and one with Zurich. I have one policy with Arklife on the family home and one policy with Caledonian on the house I built and sold 5 years ago!!
So, my question is this...
I have a life assurance policy with Caledonian, Zurich and Arklife.
I own 2 properties now...the investment property mentioned in point no. 2 and the house i currently live in, mentioned in point no. 3
I wish to just have one life assurance policy...or two, if I need one per property.
Is it possible for me to cancel the other policies and get some money back from them?
Or do i just cancel them and lose the money I have paid into them so far?
Or can I transfer whatever benefits I got from them to one policy?
What is the best thing to do financially??
I hope this is not too confusing. I would appreciate any help anyone could give me. If you need anymore info please reply and I will try make it clearer.
I am hoping someone can shed some light on this for me.
I have 4 life assurance policies but only need and want one!(Or maybe two, not sure)
I am looking for advice on the best thing to do.
So, this is the way it currently stands:-
1. I built a house 5 years ago to sell. I took out a life assurance policy with Caledonian Life at the time, then sold the house, but I still have the life assurance policy. (I have written to them many times to cancel this policy to no avail...I have it 5 years too long!...but I am going to call into them to cancel once I figure out what to do).
2. I bought an investment property 4 years ago and got another life assurance policy with Zurich. I still have this property and life assurance policy.
3. I bought another house 3 years ago, which I currently live in...the family home. When buying this house, I remortgaged the investment property (No. 2 above). So I got a new life assurance policy for doing this with Arklife. I also got the life assurance policy for the house I currently live in (family home), with Arklife.
4. So now I have 2 life assurance policies on the investment property, one with Arklife and one with Zurich. I have one policy with Arklife on the family home and one policy with Caledonian on the house I built and sold 5 years ago!!
So, my question is this...
I have a life assurance policy with Caledonian, Zurich and Arklife.
I own 2 properties now...the investment property mentioned in point no. 2 and the house i currently live in, mentioned in point no. 3
I wish to just have one life assurance policy...or two, if I need one per property.
Is it possible for me to cancel the other policies and get some money back from them?
Or do i just cancel them and lose the money I have paid into them so far?
Or can I transfer whatever benefits I got from them to one policy?
What is the best thing to do financially??
I hope this is not too confusing. I would appreciate any help anyone could give me. If you need anymore info please reply and I will try make it clearer.