Royal Life Endowment - Please help

afwi

Hi

I have just found the details for an old Endowment policy I had when I bought my first flat in 1984.

It was a Royal Life G Series endowment with a premium of £51.50 and benefits of £5,280 with profits £15,000 without. It commenced on the 26.7.84, first payment 26.5.94 last payment 26.6.09 so has matured. I am pretty sure I paid it all up but was wondering what happened to it in the four years since and what the value of it would be today. Do I just contact Royal Life to arrange repayment ?

Any help would be appreciated - the money would be particularly helpful now but I would like a ballpard figure. The details were obtained from an endorsement schedule when the benefits were revised as of 26.05.1994

Thank you this good be a lifesaver

freddysmith

Royal Life Insurance Limited was renamed Royal & Sun Alliance Life and Pensions Limited in 1998 and was renamed Phoenix Life & Pensions Limited in 2005. Policies moved to Phoenix Life Limited in 2006.
Maybe phone Phoenix Life with your details.
Not sure if this is helpful but might be a start.

http://www.phoenixlife.co.uk/customer-centre.aspx#customercentrepg

afwi

Thanks I have contacted Phoenix and they are investigating - they couldn't tell me over the phone the value but given that it states benefits of £5,280 with profits £15,000 without I should be expecting something in excess of £20,000 ? Not sure what kind of profits I would expect to see from the smaller portion - is it defined anywhere or should I query anything they offer me ?

gb12345

afwi wrote: »

Thanks I have contacted Phoenix and they are investigating - they couldn't tell me over the phone the value but given that it states benefits of £5,280 with profits £15,000 without I should be expecting something in excess of £20,000 ? Not sure what kind of profits I would expect to see from the smaller portion - is it defined anywhere or should I query anything they offer me ?

That rather depends on the bonuses that they have declared - bonus rates have been poor since the 90s.

You will get the guaranteed amount (is this the £15k?) plus annual bonuses that were declared each year, plus a possible terminal bonus.

I'm not quite sure what the £5,280 is - did the figure come from an annual statement? If so, it could be a projection (not guaranteed).

opinions4u

It commenced on the 26.7.84, first payment 26.5.94

I assume your first payment was 1984.

£5,280 will be the guaranteed amount. £15,000 the value on death and target amount. I reckon you'll hit target - just. But it's a guess!

dunstonh

Normally when there are two figures (5280 and 15000 in this case) the lower figure is the guaranteed amount to which bonuses are added and the higher figure is the amount paid out on death.