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Gender and Age Affecting 10 Year Savings Plan
uvatiarru
Posts: 1 Newbie
Hi there. I'm writing on behalf of my mum whose 10 year savings plan with LV has recently matured. Her husband took out the same plan at the same time, however his plan matured one day earlier. They both made their monthly payments in a timely manner.
For some reason, the maturity value of his policy is around £900 pounds more than my mum's, the only difference being that his plan matured a day earlier than hers.
She has just sent off a letter, but had a brief conversation with someone on the phone at LV who spoke to a manager, who said something about age and gender affecting the amount of the policy. She is 2 years older. How can this be a valid reason?
Is this right? I was wondering if anyone has had any similar experiences, and how this is even possible!
Many thanks in advance!
For some reason, the maturity value of his policy is around £900 pounds more than my mum's, the only difference being that his plan matured a day earlier than hers.
She has just sent off a letter, but had a brief conversation with someone on the phone at LV who spoke to a manager, who said something about age and gender affecting the amount of the policy. She is 2 years older. How can this be a valid reason?
Is this right? I was wondering if anyone has had any similar experiences, and how this is even possible!
Many thanks in advance!
0
Comments
-
Is this right?
Yes.
Your parents had endowment policies and these included an element of life assurance. Assuming they were premium based and not benefit based (i.e. they werent saving for a specific target amount but were paying the exact same fixed premium) then you would expect the final outcomes to be different.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Hi there. I'm writing on behalf of my mum whose 10 year savings plan with LV has recently matured. Her husband took out the same plan at the same time, however his plan matured one day earlier. They both made their monthly payments in a timely manner.
For some reason, the maturity value of his policy is around £900 pounds more than my mum's, the only difference being that his plan matured a day earlier than hers.
She has just sent off a letter, but had a brief conversation with someone on the phone at LV who spoke to a manager, who said something about age and gender affecting the amount of the policy. She is 2 years older. How can this be a valid reason?
Is this right? I was wondering if anyone has had any similar experiences, and how this is even possible!
Many thanks in advance!
Presumably he is a lot younger than her?0
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