endowment policy-ex partner dies

kiwiwogger

I have maintained an endowment policy linked to the mortgage for 23 years, due to mature 2012. My partner and I split 10 years ago, the mortgage has always been in my name only, he died suddenly.
With him living at a different address, rented , I am concerned the policy will not pay out..is there an option if they won't?

opinions4u

If he's named on the policy and you can prove he's the dead person then they'll pay out. They might ask for reasonable confirmation that this is the person named on the policy. Just provide whatever it is they need.

A tragedy for those who loved him.

A result (financially) for you, especially if there's a shortfall on the investment side of the policy.

kiwiwogger

I kept his name on the policy, he knew , we still remained good friends.

the Pru want to see his Death certificate , which shows his address, this was the concern.

Another concern could his step children from a previos marriage contest, he left no will.

don't want to sound money grabbing, however, these things have to be sorted

System

The step children will have no say as the policy will stipulate who it pays out to. As I assume it was a joint policy then it will pay out to the surviving holder.

opinions4u

kiwiwogger wrote: »

the Pru want to see his Death certificate , which shows his address, this was the concern.

Not a problem.

Another concern could his step children from a previos marriage contest, he left no will.

Not as far as I'm aware. If the policy is jointly owned the proceeds should be paid to the survivor - you!

don't want to sound money grabbing, however, these things have to be sorted

They do. Just a case of being sensitive with the feelings of others while doing it.

Valli

kiwiwogger wrote: »

I have maintained an endowment policy linked to the mortgage for 23 years, due to mature 2012. My partner and I split 10 years ago, the mortgage has always been in my name only, he died suddenly.
With him living at a different address, rented , I am concerned the policy will not pay out..is there an option if they won't?

I have a term assurance policy which would also pay out in the event of my husband's death. Then we divorced and I was told the policy was still ok to run even after the divorce because
AT THE TIME IT WAS TAKEN OUT I HAD AN INSURABLE INTEREST.

So you should be fine. Just get a copy of death certificate (and have to hand, just in case, a copy of your Decree Absolute). If they do quibble there is the insurance ombudsman. The phrase you need is the one in caps

ETA The money it pays out is due to the proposer, whom I assume is you and DOES NOT form part of the deceased's estate AT ALL and is separate from it.

And no, it's not money grabbing - you've paid it in, circumstances mean it will be paid out earlier than maturity, that's all. Sorry for your loss.

kiwiwogger

Really sound advice, at the time of taking out the endowment policy I was pregnant with our son, so it was taken out to pay the mortgage should either one of us die, never thought of the reason before!

dunstonh

Correct. It doesnt matter that you no longer live together. He was still on the policy and the benefits still apply.

kiwiwogger

I value everyone's input, as it was a sudden panic/mis-thought as you so hear of insurance companies finding every way possible not to pay out.

still can't work out the 'in profts ' statement, time will tell.........

still can't believe this has happened-so sudden

my mind,financially, should be a little easier

Valli

If you find the policy, kiwi, there should be a guaranteed minimum payout in the event of death..might well be more than the policy would pay out were it to run to maturity. Since you're actually close to the end date might be worth comparing the two IYSWIM - but don't forget to include as yet unpaid premiums. Having said that the endowment policy market has been so bad this (death) payout might well be better and you have 2 years or so premiums which will no longer need paying. Don't forget to check the DD/SO is cancelled;)
Does this mean you'll be mortgage free?

Unlike Dunston BTW I am just an informed person;)

kiwiwogger

should be mortgage free as policy claims minimum payment on death/maturity.

don't understand all the sum assured/guaranteed bonuses, I assume I will be paid the'this policy guarantees that the amount we will apy on death before policy expires will be at least...... enough to cover mortgage