Penny policies

sweeper12

Has anyone eve heard of these or had one??

My mum has found 4 of these in her cupboard. They were started in the 30's and covered my mum and 3 siblings. There were no payments made into them after my gran died in 1976 but my mum was gven them to sort out. She had forgotten about them so I thought I'd try to find out about them for her....

They were with Friends Provident

Thankyou for reading

kidmugsy

Friends Provident - didn't they demutualise and pay out a windfall? Fingers crossed, eh?

sweeper12

Ooh, I have no idea but that would be nice for them wouldn't it ;D

I think my mum is wonering hat to do with them as they stopped paying into them altogether.....I'm wondering how to find out now....

S x

dunstonh

Has anyone eve heard of these or had one??

For about 150 years they were very common.

I'm wondering how to find out now....

Ask Friends Life (used to be called Friends Provident - recently changed).

sweeper12

Thank you for the advice

I'll try to get in touch and ask them....

S

uk1

These are often called "industrial branch" insurance policies as they were sold to working people and were funeral funds. The premiums were collected door to door by "the insurance man" who entered the details into little books that were often kept on the matlepiece behind the clock! In those days as kids were born, they often had penny policies taken out.

You may find that at some point they became "paid up" ie no further premiums due - but in any event if they happened to be with profits they could be worth several hundred pounds each by now - so definately worthwhile following through.

Good luck.

midships

Worth following up but don't get your hopes up too high.

We found a similar policy after a relative died. The premiums had stopped being paid when someone had fallen ill. Although the premiums had represented a decent sum in those days, the policy had not attracted profits due to payments being stopped and we got the princely sum of £15.

I hope you have better luck!