Need Advice for my Mum

edited 30 November -1 at 1:00AM in Insurance & Life Assurance
2 replies 428 views
ebonyuk72_2ebonyuk72_2 Forumite
2 Posts
edited 30 November -1 at 1:00AM in Insurance & Life Assurance
In 1995 my Mum took out a life insurance plan with Pearl, she was led to believe that if she died before the age of 70 myself and my sister would get a payout, but if she didnt die she would get a payout of £31,000 herself upon reaching 70.
She's paid every month without fail. Then at the begining of January she recieved a letter to say that her Nov/Dec payments hadn't been made, she'd recieved nothing from the company which is now owned by Phoniex Life to say otherwise and nothing from the bank so she assumed the payments had been made. She called them to make a payment but they told her they can't take payments over the phone and she would need to fill in a form to restart the policy. They also told her that upon reaching her 70th next year, and assuming she doesn't die she'll recieve no money at all. That's nearly £10,000 she's paid in and stands to recieve nothing even though she was told otherwise when she took out the policy in 1995.

She can't make any more monthly payments until she recieves this form from them, they told her it would be with her within ten days, today is day ten and as yet she hasn't recieved it. So basically THEY are stopping her from continuing the policy by not sending her the form, so they can say she's not entitled to her money next year.

I can't help but think they are trying to get out of paying out her money next year and stopped her payments so they can blame her for making the policy void. Its odd they never contacted her when her Nov payment didnt go through, and she can't pay her monthly payment now until they send her a form, so she has to stop the montly payments now because THEY won't send the form to pay them with.

Where does she stand with all this? Can they really take her money that she's paid every month for the past 18years in good faith, and not give her what she thought she was getting?
Any advice would be most welcome, she's sick with worry and I'm sick with anger!:mad:

Replies

  • rudekid48rudekid48 Forumite
    2.4K Posts
    Part of the Furniture 1,000 Posts
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    Is there any paperwork to confirm the payout from 1995?

    If there is an investmentelement then there should have been some illustrations issued showing what the payout COULD be based on different growth rates but this would not be a guarantee.

    You really need to dig out and check the paper work from the time before anyone will be able to give you any meaningful advice...
    All matter is merely energy condensed to a slow vibration, we are all one consciousness experiencing itself subjectively, there is no such thing as death, life is only a dream, and we are the imagination of ourselves.
  • Yes Mum has the paperwork thats been sent to her every so often telling her what the payout would be should she die within that particular year. She also has the original paperwork from when she took out the policy with the sale's guy's name and number on it if that makes any difference?
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