LIfe assurance

[KAZ]

I have had life assurance cover for the last 10 years with "Abbeylife" they recently sent me a letter to say I had to increase my monthly premium or accept a drop in cover? I know I can get a much better deal elsewhere but how do I go about cancelling this? Does it just stop or can I cash it in?

[buildersmate]

Are you really talking about life assurance, or is it life insurance (term cover)? Life assurance premiums are fixed for the period of the policy as far as I know. Life insurance just pays out if the worst happens, and have a 'term period'. You get nothing back at the end (assuming you are still alive). If the latter, shop around by using the internet and get several quotes. Then hassle the best one for a bit more discount. The premium is fixed for the period of the term.