Endowment/Life Assurance Maturity Problems

sgn_2

Has anyone else had trouble getting the Endowment/Life Assurance company to pay up when the Policy 'matures'?

We have just got a letter from said company asking for all sorts of information, including the Original Policy Schedule. Anything that says it's a copy, apparently isn't acceptable. Needless to say, we haven't got the original, only a copy.

Santander sent us Deed documents ages ago, and the original isn't in there. Also, after some chivvying from me before this new question, Santander provided a letter saying they had discharged our mortage, as we paid it all off early. So now the Land Registry database entry says there is no lender on the property. Yay! But of course there is one more hurdle to get over: getting the Endowment/Life Assurance Company to pay up.:wall:

Apparently, we have to run around asking various parties if they have this Original Copy. Which means we have to go back to Santander, of which we are no longer customers. And we have to check with our solicitors.

btw I know they are interested in the Original Policy due to ensuring no one else claims on it. I want to know what happens when we can't obtain the Original cos Santander's lost it. If they have lost it, that's almost fair enough, as that original part of the mortage was with National & Provincial, which got taken over by Abbey National, and so on. :rotfl:

If anyone has any advice on how to make sure the Endowment pays out even sans Original Policy document, I'd love to hear it. Also, where else is it worth looking for the Original? Can anyone help? :question:

opinions4u

If you say it's lost they'll just get you to sign a disclaimer to that effect.

kingstreet

You'll be expected to prove title, providing identification, birth and marriage certificates etc.

Once you have contacted any parties who may have the original policy and they have confirmed they do not hold it, the insurer will then normally look to re-write the policy under a new number, to remove any chance of a future spurious claim on the old one.

You'll need to ensure any assignment to a mortgage lender is removed, evidencing your entitlement to the proceeds.

Then you'll complete the necessary maturity discharge forms and the policy proceeds will be paid to the legal owners.

Thrugelmir

sgn wrote: »

Yay! But of course there is one more hurdle to get over: getting the Endowment/Life Assurance Company to pay up.:wall:

Hence why the policy document is key.

Not the insurers problem to track it's location.

dunstonh

Most insurers have a lost policy document declaration. Ask for that in its place.

sgn_2

Ah, different stories from different people. Thanks for all your comments.

kingstreet

I've combined the lost policy and maturity process together.

TBH you have to follow the procedure laid down by your insurer. They do vary.

opinions4u

sgn wrote: »

Ah, different stories from different people. Thanks for all your comments.

i think you got the same story. One version with more detail.

Like it or not, your insurer has a handful of legislative, regulatory and internal requirements to follow. There's no point trying to go against them. Play the game and get your money as quickly as possible.

sgn_2

What concerns me is that would this process apply if one of us had died and needed to claim the money? So, on top of your partner dying, you have to jump various hoops (whilst grieving) to get this money which you may well need so you don't crash financially on top of everything else. Or would the death certificate been respected? We're fortunately not in that position, but I presume others are, in which case, all the hassle just plain unnecessary. It's one of the reasons I've come on here, just to warn people what might be asked of them at a very difficult time in their lives.:(

btw, we had a previous endowment which just paid out, no questions asked - they knew who we were, we'd been paying them for years, so they coughed up promptly saving us all a lot of trouble. What use is the legislative & regulatory stuff then? Internal stuff means nothing except they keep hold of the money a bit longer at our expense (again).

I am very grateful for everyone's input :A - at least I know what we're likely to be asked for. There's no way we can get out of dancing to their tune, I know what much, but I think some very unnecessary stuff is going on here.

I presume and hope these things aren't used much these days. If you still have one, be prepared for possible further trouble later on ...

dunstonh

What concerns me is that would this process apply if one of us had died and needed to claim the money?

Most insurers would expect the policy document to be returned on claim, assignment or maturity. Although most insurers know that people lose them. Hence why lost policy document forms exist.

We're fortunately not in that position, but I presume others are, in which case, all the hassle just plain unnecessary.

It is not necessary. Policy documents are proof of legal ownership of the policy. That is why you are told to keep them safe.

btw, we had a previous endowment which just paid out, no questions asked - they knew who we were, we'd been paying them for years, so they coughed up promptly saving us all a lot of trouble.

Some providers include a lost policy declaration as part of their maturity forms (Aviva for example).

What use is the legislative & regulatory stuff then?

Law.

Internal stuff means nothing except they keep hold of the money a bit longer at our expense (again).

And their expense as they cant make anything on it and pay interest on the amount and delayed admin costs money.

I presume and hope these things aren't used much these days. If you still have one, be prepared for possible further trouble later on ...

Or just look after your policy documents as you are told to.

opinions4u

sgn wrote: »

I think some very unnecessary stuff is going on here.

It isn't in the company's interest to do anything unnecessary. Doing "stuff" costs the company money. Yes, some will be more efficient than others. But "stuff" is usually done for good reason.

In the case of a life assurance policy making a single mistake on maturity or claim can cost them a huge amount of money.

I presume and hope these things aren't used much these days. If you still have one, be prepared for possible further trouble later on ...

There are millions of term assurance policies around and about. Keeping the original documents in a known safe place is important if you want a quick payout.

If your policy document was held by Santander, you may have a complaint against them for its loss. But that's a ball that should have started rolling when you received the deeds back.