Endowment policy

blondemackem

We initaly had an endowment policy then 13yr later we seperated. I stopped paying the endowment and remortgaged. Can i claim any of that endowment back

opinions4u

Contact the life assurance company.

I assume the policy has been paid-up.

If it was a joint policy you need to agree how funds, if there are any, should be shared.

dunstonh

Can i claim any of that endowment back

When you stopped paying, did you surrender it or make it paid up (leave it invested so it still retains a value)?

blondemackem

To be truthful it was just stopped being payed

dunstonh

Ok, but what happened to the money that had built up a value?

blondemackem

I was told by an independant advisor that i couldnt claim the money back so never looked into it

kingstreet

If you stop paying the premiums to an endowment, you have two choices;-

- make it paid-up with a reduced sum assured which continues to grow or
- surrender the policy taking the accumulated value.

If you fail to exercise one of these options, the insurer has what are known as non-forfeiture regulations and this provides for the life cover to continue using the accumulated savings value.

Eventually, the plan lapses without a value when the money runs out, unless the insurer has a point where the plan is automatically made paid-up after a certain timescale.

Either way, the policyholder(s) need to contact the insurer and establish the status of the plan.