Pioneer Mutual Insurance Company Limited

georgina_fenwick

Hi, I hope someone can help.

My Hubbys nanna died on 8/04/09 and as the family have been going through all her papers the have found a life insurance policy she took out on my hubby on 9/2/1976.

Nobody knew anything about it.

We are assuming she was still paying the premiums till she died as it states on it that the premiums are payable until 9/2/2034.

The company is Pioneer Mutual Insurance Company Limited, and the address is Pioneer House, 16 Crosby Road North, Waterloo, Liverpool, L22 0NY.

How would I find out anything about it? who would I contact?

Any ideas appreciated.

Thanks.

Valli

They may still be operating; they might have been taken over. In the first instance write to that address...don't send any documents though.
Googling suggests it might have been taken over by Pearl or Phoenix Life - unclear though.
That seems an awful long time to be paying premiums though .. 50 years?
Can you find any proof of premium payment? Bank account or by a book or receipts...

dunstonh

Pioneer Mutual are part of the Pearl Group.

You should contact the insurance company and supply them with a death certificate and request a claims form. They can only provide details to the executor and the claims form covers that.

georgina_fenwick

Valli wrote: »

They may still be operating; they might have been taken over. In the first instance write to that address...don't send any documents though.
Googling suggests it might have been taken over by Pearl or Phoenix Life - unclear though.
That seems an awful long time to be paying premiums though .. 50 years?
Can you find any proof of premium payment? Bank account or by a book or receipts...

Thanks.

It does seem a long time to be paying a policy it started in feb 1976 and will end in feb 2034, 58 years altogether.

we are not sure what happens when the person who took out the policy dies and not the actual person insured on the policy.

The total on the policy payable in 2034 is for the grand sum of £220 + bonus.

Valli

Do pop back and let us know how it goes...
Thanks Dunston - thought it was Pearl actually as have come across this before...not at all my speciality though...just a nosey cow lol

dunstonh

A lot of policies sold back in the 70s or earlier do not really compare to products as we see them today. Whole of life assurance was far more common back then (where you got whole of life cover but had a maximum payment period that would stop at around age 80 but you still retained benefits) and long term endowments as a form of retirement provision (personal pensions werent around back then).

georgina_fenwick

Hi, thanks for the help.

They found a payment book for the policy, It's now with Swiss Life.

Rang them and they can change the details to my hubbys.

Then it's up to him wether he wants to either carry on paying or cash it in.

dunstonh

It's now with Swiss Life.

Its not. Its moved on since then. Swiss Life is part of the Pearl Group with the admin being handled by Phoenix. Pearl seem to have the majority of dead and closed insurers now.

Rang them and they can change the details to my hubbys.

Then it's up to him wether he wants to either carry on paying or cash it in.

That doesnt sound like a life assurance policy then unless it allows assignment and your husbands nan was not the life assured. May not be a good idea if it does. Remember that Pioneer, then Swiss, and Pearl are closed insurance companies. Most of the contracts they have are obsolete and low quality. A few exceptions will apply but its worth making sure you are doing the right thing.

georgina_fenwick

dunstonh wrote: »

Its not. Its moved on since then. Swiss Life is part of the Pearl Group with the admin being handled by Phoenix. Pearl seem to have the majority of dead and closed insurers now.



That doesnt sound like a life assurance policy then unless it allows assignment and your husbands nan was not the life assured. May not be a good idea if it does. Remember that Pioneer, then Swiss, and Pearl are closed insurance companies. Most of the contracts they have are obsolete and low quality. A few exceptions will apply but its worth making sure you are doing the right thing.

It was my hubbys nanna took out the policy and it is my hubbys life that is insured on it.

I have the original policy document with her name on it, but when i rang today they had no record of her taking the policy out, said it was my hubby himself, he was 6 at the time it was taken out.

Turns out someone made a mistake when transfering them over to the new company. They said we had to send a copy of the death certificate and a covering letter and they would change it over.

He is unsure wether to cash it in or keep it, when it matures in 2034 it is only worth £220, the payment for it is only £1 every 4 weeks and it has been paid in advance till sept 2011.