Abbey Life Endowment

piamac

I took out an Abbey Life Endowment policy in 1990, it is also my life policy.
I was 23 years old at the time and had no intention of getting a mortgage in the near future. This policy was sold to me (with a pension plan too) at my aunts home through her 'insurance man', it has never been used against a mortgage as I have always had a repayment mortgage. I always thought of it as a small investment for my future.
I am now wondering what to do with it as Abbey Life has told me that there will be a shortfall, I am not sure if I qualify to make a claim?
Should I hang onto it till it expires in 2015 or should I cash it in? Its all very confusing. I would appreciate any advice.

dunstonh

If it is a mortgage endowment and not a savings endowment, then you can complain and expect to see the policy voided as there was no mortgage in place or being arranged at that time. This will result in the policy being cancelled and your premiums being returned plus interest. Do note that if you are in the better life funds of AL then it is possible that the policy value is higher than premiums plus interest.

piamac

thanks for that advise.
i think that i need to get all the paperwork together to find out exactly what type of policy that i have, it certainly was never used with a mortgage!
should i contact Abbey Life regarding a repayment? are they likely to discourage me?
cheers

dunstonh

Abbey life dont have any reps any more. So they wont be able to put you off. You just submit the complaint in writing and let it go its natural course. Before you do that though, I would suggest you read your paperwork to verify if its a mortgage endowment or a savings one as that will be very important to your complaint and whether it is upheld or not.

piamac

Thank you for your advice.
I will keep you up to date on my progress.