Getting endowment policy monies at maturity

Joney

Has anyone else had difficulty getting their money from Windsor Life? My endowment with Profit was ended on 9.5.9. I sent all papers in 2 weeks before and they tell me I need to wait till 2.6.9at the earliest before I can expect my money. I had a smaller policy out last year and it took them nearly 3 months to pay that one -they paid compensation for late payment. Why should they keep my money now? A friend who worked in insurance years ago said they busted a gut to get policy money out on the due date -she was gob smacked there was a delay. I've been paying this policy for most of my working life; it's underperformed so I won't be able to pay all my mortgage off and yet they can't pay it when it's due!

dunstonh

Has anyone else had difficulty getting their money from Windsor Life?

Windsor life. Quite possibly the slowest insurance company out there.

My endowment with Profit was ended on 9.5.9

That is only a few days ago. 9th was a Saturday, so next working day was Monday 11th. Its only Thurs 14th. Even if they processed it and signed it all off on Monday you would have got the money in your bank account today or tomorrow. So, you are a little premature.

A friend who worked in insurance years ago said they busted a gut to get policy money out on the due date -she was gob smacked there was a delay.

That doesnt mean its the same policy type. For example, Conventional With Profits plans can often be prepared in advance. I have actually known the proceeds arrive before the maturity date in some cases. However, most plans do not actually mature until close of business on the day of maturity. So, whilst they can get paperwork in advance, they cannot act transact it until after it matures. In some cases (often with unit linked funds) there can be a period of settlement where the funds are sold on maturity but the insurer themselves doesnt get the money until later. That isnt likely in this case (as it tends to be on unit trust contracts or contracts that invest in unit trust funds). However, you can see that it can vary.

Windsor are slow. It's been raised to the FSA by many but its almost become accepted that it is par for the course with Windsor and its not uncommon for closed life companies to be slower than open ones. Their turnaround time of 3 weeks istheir standard patter. You may find it doesnt take that long but they are just quoting their usual service standard times to you.

Joney

Thank you dunstonh; it's a little clearer now -and I'm not quite so narked. It would have helped I think if that had been explained by them. Windsor have a bad rep as far as I am concerned in terms of admin procedures; I know of 2 elderly people who were underpaid by them for 4 years on equity release schemes, and then overpaid.
I don't really trust them.