Help Removing an Ex Partner from an Endowment

moneyconscious_3

HELP!!!

My partner bought a house over 13 years ago. All mortgage documentation etc is in his name only. However at the time he was told that it would be prudent to put his partner at the time down as life assured, and that it would not affect any policies etc. It turned out that her name was actually attached to an endowment policy he had taken out. The relationship ended around 12 months later. Since the begining of the policy only my partner has made payments, by direct debit.

We would now like to remove his ex from the policy, it does not mature for another 10 years. We have asked her a number of times over the years to sign documentation to do so. She won't out of spite and beacuse she thinks she is entitled to half of its current value. We have found out what the value was at the time of the initial split and offered her half of this to no avail we have even offered her slightly more but she thinks she is entitled to half what its worth now and will not agree to or do anything.

How can we get her removed form this policy? If the only way is court action, any idea of cost?

warwicktiger

Try the insurer first, when I worked for one of the UK's biggest there was a policy alterations dept that did that sort of thing, Alternatively ask them for a deed of assigment, a legal document that legally assigns someones interest in the policy to someone else.

This of course assumes that she will consent to the operation. Without consent there is little you can do as presumably you are joint owners. Even if you let it lapse by non payment of premiums the surrender value would be payable jointly to you, not 50/50 separate payments.

moneyconscious_3

Hi,

Thanks for your reply. Unfortunatley she won't consent or do anything. I think that she is hoping that when the policy matures that she will automatically get half if we do not negotiate now to a sum she is happy with.

kingstreet

Is she only a life assured, or is she the joint assured/owner of the policy as well?

If the latter, she is entitled to the death benefit if your other half dies, or to decide on the destination of the maturity value when the plan matures. This would only be affected by an assignment to the mortgage (lender) at the time it was taken out.

This should have been sorted at the time. Her agreement is needed to do anything with the policy.

moneyconscious_3

She is the joint assured/owner of the policy but hasn't paid a single penny into it and they haven't been together for over 11 years.

She is doing absolutely nothing. Can't we take her to court?

castle96

All proceeds at surrender/maturity, will be made by a cheque payable to you JOINTLY.

Look on the 'bright' side, if she were to die in the next 10 years, then the death claim cheque/sum insured, would be made payable to you.....

moneyconscious_3

So how would they decide who to send the cheque to? there are two addresses on the file, my partners at our address and the ex at hers?

HappyMJ

moneyconscious wrote: »

So how would they decide who to send the cheque to? there are two addresses on the file, my partners at our address and the ex at hers?

They flip a coin...Usually the first listed address. They will probably send a letter to both addresses asking where to send the cheque.

Annisele

castle96 wrote: »

Look on the 'bright' side, if she were to die in the next 10 years, then the death claim cheque/sum insured, would be made payable to you.....

Yes, but on the other hand if the OP's partner dies then the death claim will be paid entirely to the ex - which is presumably not what the OP's partner wants.

If the ex won't consent to any changes, then I think court is your only option. I'm afraid I've no idea how much that would cost, but many solicitors offer a free half hour for an initial chat, and it might be worthwhile to visit one.