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cityguru, Solicitor
Category: Scots Law
Satisfied Customers: 13329
Experience:  solicitor
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I live in the UK and am interested in selling my whole of life

Customer Question

I live in the UK and am interested in selling my whole of life insurance policy.
Submitted: 4 years ago.
Category: Scots Law
Expert:  JGM replied 4 years ago.
Thank you for using JustAnswer. What is your legal question about this?
Customer: replied 4 years ago.

I'm not sure if my question is a legal one. I thought I asked an insurance question. Do I have the correct expert for my question "I am interested in selling my whole of life insurance policy"? I would like to know how to do this?

Expert:  JGM replied 4 years ago.
I don't think there is an insurance expert on the site. I'll ask customer services.
Expert:  cityguru replied 4 years ago.
Hi thanks for your question. If this is an UK based whole of life policy, I am not aware of any market in which you can sell it. There is as you may be aware an established US market know as the life settlement market but there is no such market in the UK. There are established markets for endowments products but not whole life.

This may be because the FCA is very hostile ( with good reason) to allowing consumers to invest in life settlement products and has I think banned them and secondly because whole life policies in the uk are ofter subject to revised underwriting at intervals so they do not necessarily continue throughout the term at the same premium of rate same cover which makes them very difficult to trade. A lot of whole life policies are for relatively small sums.

You could try approaching the company to see if they will pay a surrender value or speak to an IFA to see if they know of a market. Much will depend upon the nature of the policy and its terms.

Customer: replied 4 years ago.

Thank you for your opinion. I would be obliged if you could obtain a reduction of fee on my behalf. The initial cost was to be £33 but I indicated that the response was required with urgency and the price went up to £47. For this amount I would have expected an immediate response which did not come. When I queried the expert being a legal one the response from Justanswer was "I dont think there is an insurance expert on site. I'll ask customer services" whereas when I first asked the question the response from Justanswer was that an expert was ready to answer the question. A contradiction here. I think £47 is unfair because of this and the fact that I had to wait for an answer.


Expert:  cityguru replied 4 years ago.
Hi Donald. I like other experts are completely independent of Just Answer. Most of us are practising lawyers and are only on line some of the time. I have no connection with or knowledge about the pricing structure
and answer questions based upon the prices listed. I get paid only if I get a satisfactory rating for my answer.
The other expert was trying to be helpful- there was no way he could have known I happen to work in the financial services industry.
Of course if you are unhappy you are entitled to ask for a partial rebate. I will pass your post to customer services who will respond to you.
Good luck.