Target Life Assurance

toozie_2

Hi
I hope someone can help me, I'm researching this for a friend who has lost his wife.

He has found an old Target Life Policy of Life Assurance, which started in 1971, maturity date 2014 - his wife's name, sum assured £5010.

He had no knowledge of the policy and can't see that any payments have been made recently-although it could be annual. But his wife did all things financial in the family.

I have discovered that Target were taken over by Abbey Life, and have written to Abbey Life who have replied by stating that they are unable to locate the policy, but if the policy has been inactive for 7 years details will be no longer available.

My question is, that if there was money in this policy, but it was dormant for 7 years-how do we find out what has happened to the dormant account?

Surely that if lets say for example £2K had been paid in, that money can't be lost, just because Target Life are no loner operating, and this policy seems to have vanished?

It's called a Target Property Investment Plan.

Could someone help me on where to go to next for more information?

Thank you in advance.:beer:

Mods -please move if this is wrong board?

dunstonh

My question is, that if there was money in this policy, but it was dormant for 7 years-how do we find out what has happened to the dormant account?

Life policies dont go dormant. That applies to bank accounts. A life policy that was made paid up would retain a value and continue to be in held in a paid up state subject to investment returns and paid out on maturity as per normal. If the policy was surrendered or lapsed with no value then it would drop off the files after a given timescale.

Surely that if lets say for example £2K had been paid in, that money can't be lost, just because Target Life are no loner operating, and this policy seems to have vanished?

That isnt what happens. So, therefore it cant be what happened.

The only thing you can do is check bank statements from the past and see when it was being paid and when it stopped being paid.

toozie_2

Okay, thanks for your swift reply.

I know he has bank statements going back a few years, and will ask him to check.

Seems this was a life assurance policy taken out in 1971, before they met & married.

Not sure if it was something to do with a previous house they owned.

So what you are saying is if it had a value, and had not been paid up, but had been dormant/inactive for some years, Abbey Life would have found records on their files?

They are stating there is nothing active in the last 7 years. What happens if it had been inactive for over 7 years?

It was taken out with Target Life, and according to research most of this company was taken over by Abbey Life?

Sorry I must sound quick thick to you! Just trying to help an elderly friend.

dunstonh

So what you are saying is if it had a value, and had not been paid up, but had been dormant/inactive for some years, Abbey Life would have found records on their files?

It would either be one of three things.
1 - paid up (has a value and would show as a value on their systems
2 - in force (still paying monthly premiums)
3 - lapsed (no premiums being paid and no value).

If it was for an earlier mortgage then chances are it would be a pure term assurance with no value.

What happens if it had been inactive for over 7 years?

It can only go "inactive" if there is no value.