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Critical illness cover with endowment


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Having just recently moved to Spain, I have been reviewing all my endowments. I am aware of the possible shortfall with all of them, however this is not an issue. I have a different mortgage now and am using them purely as a savings plan.

The last one I took out included Critical Illness Cover. I think I might have been a bit naive about this. I would like to know from the learned members on here whether it is possible to remove this part from the policy but still continue to pay the premiums for the endowment until term is reached.

It would appear that the critical illness cover is taking approx 1/2 of the amount I pay each month.

I have not approached the company about this yet as I would like to take advice first.

Can anyone point me in the right direction please

 

Jon

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  • 3 months later...

I am currently in the process of reclaiming my critical illness cover and my opinion is dont just stop it claim it back, if it was of no use to you then they should not have sold it to you.

HTH (Hope This Helps) RDM2006

 

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Thanks for the reply. I don't suppose I could prevail upon you for the details of how you are going about this could I?

By PM if you prefer not to give away secrets on an open forum!

 

Jon

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Hi Jon,

 

I see that you have recently moved to Spain, therefore, it is unlikely that the CIC policy will cover you. However, before you cancel it based on that, please contact your insurer who will give you more information. Also, you should be able to ask your insurer to remove this aspect from your endowment.

 

I would advocate talking to your insurer sooner rather than later.

 

HTH

 

D x

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HTH (Hope This Helps) RDM2006

 

THE FORCE (OF CAG) IS WITH YOU

;)

 

We've Helped You To Claim - Now Help Us Remain

A live Site - Make a Donation

 

All advice and opinions given by people on this site are personal, and are not endorsed by Consumer Action Group or Bank Action Group. Your decisions and actions are your own, and should you be in any doubt, please seek qualified professional legal Help.

 

However, if you have found any advice you have been given helpful.

Why not show your gratitude And

Click the * on the post you found helpful.

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Thank you for the replies. I am keeping these policies going as a form of savings plan. I'm sure I can do this as I am still paying full UK tax as I work offshore in the North Sea. I will have to check on this before I make any decisions as to whether or not I want this payment stopped or not.

Jon

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