endowment policy-ex partner dies

Valli

Over the years annual bonuses are added, then when the policy matures there may (or may not :rolleyes:) be a final or terminal bonus on maturity. That's what you get IF the policy runs its full term. In this case your policy now will not run its full term because of the death of your ex. Chances are, though, you will actually be better off under this circumstance because the poor performance of the stock market in recent years means that some policies will not actually REACH the amount needed to pay off the mortgage BUT the Guaranteed Minimum Death Benefit SHOULD be equal to the amount borrowed at the outset. So with THAT and the fact that you will now save two years (or thereabouts) premiums you're probably better off claiming now. Although without sight of the paperwork I cannot be certain of this, I am just basing this on the ones I have.

Did you ever get a warning letter stating that there was a predicted/likely SHORTFALL?

kiwiwogger

I did get letters about shortfall some years ago, however, seems to have caught up.

'sum assured and guaranteed bonuses so far payable on death , the amount payable on death £xxxxxx
however this policy guantees the amount we will pay on death before maturity will BE AT LEAST £.........

Do I receive bonuses in addition to guaranteed payment in death will be at least £xxxxxxx

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insurances!!!!!!!!

Valli

Now there I cannot help you (with bonuses).
Chances are you will just receive the guaranteed amount payable on death. Had he died 20 years ago you would have received the same amount you'll receive now.

kiwiwogger

I am so thankful for advice, just want to be on guard when dealing with insurance companies-so complex.........

I am sure that no matter what happens we will miss him...........just me being cautious.:o

Valli

You're welcome. Just contact them (phone) tell them that Mr. Kiwi (as it were) has died and ask what you need to do BUT note down who you speak to and when, and take copies af any and all documents you send off. Having said that this should be no problem to them, they should be more than capable of dealing with it smoothly. You are NOT doing anything wrong nor are you doing anything you shouldn't, so no need to worry.
They may well need your bank account details, come to think, then they can transfer the money direct to you rather than issue a cheque or they may need the details of your mortgage provider if the policy is assigned to your mortgage provider, so it might also be worth contacting them, too.