Aviva endowment for mortgage

weekirst

Aviva now own my endowment after about 6 takeovers. Took out initially 1987, 25 year term to pay mortgage plus bonus. Had the mandatory shortfall letters asking for more cash but have continued to pay initial sum...have sold house and no need of cash for that. Called Aviva as maturity date is this month...told that it is not...has no maturity date, is a whole of life endowment. This totally contradicts all the paperwork I have....they are adamant I am wrong. Before I make my next move, I am wondering what their game is? Am I about to lose out...they have said I can cash in at any time and the amount is more or less what they have been predicting for past years....but have a feeling there is something behind this whole of life thing. Am getting back less than I have paid in over the 25 years....and would have cashed it in earlier if I had thought for one minute I would not have been penalised for early surrender. Thanks for any advice.

kingstreet

What does your policy document say?

Does it show a fixed term with a maturity date?

weekirst

Yes...it does show fixed term and maturity date...was taken out with Provident Mutual.

magpiecottage

When is the maturity date?

weekirst

Maturity date is Dec 28th 2012

dunstonh

Whole of life assurance is what it sounds. it doesnt have a maturity date.

Give Aviva another call. Servicing at Aviva on legacy plans can leave a little to be desired at times.

weekirst

dunstonh wrote: »

Whole of life assurance is what it sounds. it doesnt have a maturity date.

Sorry, but what are you basing that on? I have original paperwork saying fixed term 25 year endowment....maturity date as above....
no mention anywhere of whole of life assurance. Every year they send me projections on my shortfall....how can they project something which does not have a maturity date?

dunstonh

Sorry, but what are you basing that on?

The fact that whole of life assurance is for whole of life. It does not have a maturity date otherwise it would not be whole of life.

I have original paperwork saying fixed term 25 year endowment....maturity date as above..

An endowment would have a maturity date but an endowment is not whole of of life assurance.

no mention anywhere of whole of life assurance.

You said in post #1 that Aviva told you it was whole of life assurance. Hence why i explained why whole of life is as it sounds.

weekirst

Feel like we are talking at cross purposes here. I am saying I did not take out a whole of life assurance 25 years ago....I took out an endowment for mortgage repayment...hence the maturity date....my paperwork over the years bears this out. Aviva have only informed me this is whole of life because I called due to proximity of maturation date. I am saying they have changed my endowment to a whole of life assurance.....maybe by mistake....if I had originally bought a whole of life assurance....there would be no maturity date.

dunstonh

Aviva have only informed me this is whole of life because I called due to proximity of maturation date. I am saying they have changed my endowment to a whole of life assurance.....maybe by mistake...

They havent done that. You have either misunderstood or more likely been given duff info.

weekirst

I did not misunderstand....I am not thick! As to duff info.....maybe, knowing the financial shenanigans that were carried out then.

Never mind....will find out for myself.....without the condescending attitude.....