cashing in a life insurance policy..yes or no ?

[coffeeman]

we have a small life insurance policy for £7,000 and have been told that if we cash it in we will get £1,700 today..the policy runs out in 2014.

Is it worth taking the money now and would the final sum go down in 2014?

any insurance wizz kids out there ?

many thanks

[Davethedog]

What are your premiums? Will you pay out more than £5,300 before the policy matures? Is the sum guaranteed? If not what is the difference between the original amount when you took the policy out and £7,000

[Old_Geezer]

My general theory is that insurance companies are not charities, so if they think it worth their while to offer to buy you out now, it must be in your interest to hang on if you aren't desperate for the money now.

Of course there are places who will offer more than the insurance company itself.

As for what happens in the future, no one knows, but the insurance company will have a better fell than most.

[Old_Geezer]

"FEEL" >:-(

[coffeeman]

20 yr policy at £7 per month..no sum guaranteed

[coffeeman]

thank you both for taking time to reply Dave and Old G :)