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Critical Illness policy surrender value

  • borlans
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27 Apr 12 #326902 by borlans
Topic started by borlans
Hi, my husband got divorced from his previous wife more than 8 years ago.

Financial settlement was made and the time and she signed away any right to any future claim on my husbands estate.

Whilst they were married they had a joint critical illness policy and my husband wants to cancel this. He has been told that we need her signature. If this correct and would she be entitled to claiming half of the surrender value?

  • Lostboy67
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27 Apr 12 #326909 by Lostboy67
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Hi
Did this policy form any part of the concent order ? How have payments been funded to this policy for the last 8 years ? If they have both been paying into the policy then it would seem reasonable that the proceeds from the policy are split.
Do you have any idea of its current surrender value and how long it has before it matures

LB

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28 Apr 12 #326938 by borlans
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Hi, this policy was listed in the divorce settlement so it was part of the financial payment that was made to her.

Since then all policy payments have been made by us, she has not contributed to it at all.

The policy value is half of the value of the premiums that have been paid.

It''s about 7 years and the fact is we want to change the cover we have to protect our daughter and we cannot afford to take out the new policies whilst paying for this one.

At the end of the policy it''s only likely to have a £2k vaule.

Thanks
S

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