Selling/surrendering joint endowment policy

mikeyp147

Hello all. Some helpful advice would be appreciated.

I have recently remortgaged my house and am now considering cashing in the endowment policy that went with the old mortgage.

However, after ferreting out the paperwork, I found that the endowment is still jointly held with the ex-girlfriend who I originally moved in with ten years ago (and split up with 8 years ago).

What's the best way around this? Can I remove her name from the policy, with or without her consent? Can I sell/surrender the policy without her consent, given that she hasn't contributed to the payments for at least 8 years?

Annisele

Ouch. Are you still in contact with your ex-girlfriend? If not, or if she's doesn't wish to cooperate, you might have some trouble.

So far as the insurance company is concerned, your endowment is in joint names and so it belongs jointly to both of you. You can no more surrender it without her permission than she could surrender it without yours. The fact that premiums have been coming from your bank account is completely irrelevant to the insurance company - lots of couples have separate bank accounts, but that doesn't mean that their joint investment policies aren't jointly owned.

From your perspective, the best way around this (assuming you can find your ex and get her to agree) is for you and your ex to assign the policy to your sole name. Most insurance companies will send you forms for that.

Or, if you want to surrender it (again assuming you can find your ex and that she agrees) you could both write to the insurance company, confirming that you both want to surrender, and request that the surrender proceeds be paid to you in your name.

mikeyp147

That's great, thanks. I'll get in touch with her (fortunately we are still on civil terms!) and ask her if she'll sign it over to my name.

To be honest she'll probably be aghast to hear she's still named on the policy anyway!

Thanks again, you've been most helpful.