readysteadygo
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Contact Eagle Star,customer services department directly and ask to reduce the death benefit on the policy to the amount of your mortgage and the premium can be reduced on a pro rate basis whether it is decreasing or level.The only problem that you may have is the fact the policy is probably assigned to a lender and it may require their permission. If the saving is small you may just decide to keep the cover intact.
That is not possible. Term assurances are not flexible.
As Clubman said earlier a new policy must be set up.
You don't need a lenders consent to do this either. Simply effect the reduced cover and hand it over. The old policy will then be free to be cancelled.
Not so ! Perhaps not every company will facilitate but it can be done by way of replacement by some.
I do not agree.
Term assurance sums assured cannot be reduced.
A new policy is always required.