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Help with an insurance policy
BURGH_LASS
Posts: 240 Forumite
My boyfriend has had a ten year life insurance (endowment) policy. The problem is that his wife was the policy holder but it was his life that was insured. He paid this money each month for 10 years and now the ten years is up. With his wife being the policy holder, they've said that all they can do is wait for her to sign it over to him, but obviously this isn't going to happen as they are no long together and haven't been for a few years now. Is there any way of going about this. 
May - Sex and the City tickets. June - £5 spar voucher, July - Sally Hansen nail shine & miracle set, mccains garden games, August - ERB Spa goody bag worth over £100
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Comments
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I'm afraid there is nothing you can do imo,it's in her name she gets to keep itFear God and dread nought :cool:0
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The policy owner gets the proceeds. Not the life assured. He would have to discuss this with her to get the money.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
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If there was a divorce, what did the divorce settlement say would happen to this part of her money? Was he obliged to continue paying the monthly contributions so she would get it?0
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well the thing is, that she can't get the money either, as she needs the certificate, which he has got. so the money is just sitting there.
They have not got a divorce yet. How would it work if they did get a divorce, does anybody know?May - Sex and the City tickets. June - £5 spar voucher, July - Sally Hansen nail shine & miracle set, mccains garden games, August - ERB Spa goody bag worth over £1000 -
It is likely that if she does not have the policy document to hand she can complete a lost policy form and claim the monies on that basis, is his wife aware that the policy is maturing, if not would she not agree a compromise to possibly share the maturity proceeds, in my experience constructive dialogue between the parties will usually bring the best resultBURGH_LASS wrote: »well the thing is, that she can't get the money either, as she needs the certificate, which he has got. so the money is just sitting there.
They have not got a divorce yet. How would it work if they did get a divorce, does anybody know?I am an Independent Financial Adviser and as such any discussion / conversation held within this forum does not construe advice in any way. Discussions should be used for guidance purposes only, you should always seek the services of an Independent Financial Adviser before making any financial decisions.0
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