In some shock-think I have been given the wrong advice.Help please

Cinnamon09

My ex husband gave me a low cost endowment policy (started 1987)as part of my divorce settlement about ten years ago.

3 years ago approx he died from a terminal illness.It was distressing for all concerned,particularly our kids.

I telephoned the endowment company to run by them that he had died,if it would make any difference.I dont know the date I rang.I was relying on them to explain it to me.

They told me over the phone (I presume now without checking my policy) that as It was in my name now,it made no difference.

I took them at their word.

Yesterday when i received the yearly statement i read through the detail on the back and saw " Your plan pays out at maturity or on the earliest death of those listed above) his and my name were both on it.

I rang the company today and they said They are going to pay out the target amount.

I am shocked,my head is spinning.Is there anything else i need to do?

happybroker

How awful, do you have a financial advisor who could offer you some help with this? If not ask friends and family for a recommendation.

I suppose had you been paid out the sum assured 3 years ago and stuck it in the bank it would be worth more now and this loss isn't your fault.

Cinnamon09

Yes,I suppose so,I never even thought of that.

VIGILANT22

In the meantime have you been paying a mortgage that this endowment was part of?

Cinnamon09

No,I no longer have any property against it, and I got £3000 for the misselling a few years back.I am still paying the £60 a month on the endowment though.

VIGILANT22

60x 36 months = 2160.00 of premiums you should not have had to pay! plus the interest you could have gained if you had invested the lump sum.......

Cinnamon09

VIGILANT22 wrote: »

60x 36 months = 2160.00 of premiums you should not have had to pay! plus the interest you could have gained if you had invested the lump sum.......

Oh,right.Do you think they will give me both of these things,will I have to ask.How would they calculate the interest.
At the moment I have just left it that I will contact them again when I have applied for and got his death certificate.I need to cancel the dd too.
I didnt expect to be having togo through all this again three years later,it is not good in that respect.

VIGILANT22

It is sad that are having to deal with this 3 years on....Are you able to call and discuss this with a Senior Manager....in fact whoever you spoke to on the phone should have escalated this without being asked. .....Have a conversation with them remind them of the call you made 3 yrs ago..and the premuims paid since then etc and see how it goes. ..you need any further help...post back here...

Cinnamon09

I think it was passed to a manager,she was sympathetic to the situation and was going to give me the address to send it to there and then but I couldn't face any more information then and said i would get back to them in a few days for the next step.She did tell meto cancel the dd's. I just couldnt face much more info or discussing it any more yesterday,I needed a bit of time to absorb what I had just been told.Now I just to make sure I get what I am entitled to,whatever that may be.

VIGILANT22

Remember you have life insurance attached to the endowment, so when you stop the DD your life insurance will also stop....do you have or need other life insurance?

Cinnamon09

She didn't ask me that!
I don't think I do need life assurance though.Would it pay out a second time though?