Areas of Law / Insurance law

More than ten years ago I took out a life assurance policy. I now calculate that the sum assured, £1225, has been covered by my £12 monthly premiums but I’ve now been told the surrender value comes to only £259 and I will have to continue paying if I wish the full amount to be paid out on my death. Is this legal?

Some policies are designed to provide money for those left behind, while others are primarily for savings or investment. It would appear that yours falls into the first category, and isn’t geared towards you taking the money in a lump sum. Insurance is a gamble on both sides: if you had died soon after taking out the policy the insurance company would have lost out.

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