CIS endowment

Steve_Terminal

Hi there I,m a newey to this site,although i've heard Martin ranting and raving manyatime on Radio 2.My question is this,I have recently found out that my endowment policy(which matures in march 2009after25 years)has been turned into "fully paid up policy"???.Briefly this has comeabout after making enquires why i have not been sent bills for me to pay them.I was told that after a year of not paying on the policy it has been converted.I was not notified of this conversion or of anything else.
Any ideas or suggestions

dunstonh

If you do pay the premiums, then the policy will be made paid up. It shouldnt have taken you at least 12 months for realise you werent paying a required bill?

You can go back to CIS and ask them if they can re-instate the policy. They will probably do this with a revised statement of health and you paying all the back premiums to bring it up to date.

maninthestreet

Payment of premiums into an endowment policy are normally by standing order or direct debit - bills are never raised by the policy provider for payment. Have you investigated if the the SO or DD is still in force with your bank?

Steve_Terminal

Maninthestreet Initially CIS were posting me "bills" which i paid with tear off giro slip with cheque.After awhile they stopped andnothing more was heard.No DD orSO was set up.

Dunstonh Thanks for the advice and I know I shouldve realised sooner but I didnt.Now I cannot afford to payup the premiums.Change of circumstances

But my originalquery is why didnt CIS notify of nonpayment and how can they convert the policy without my Knowledge?

My father who set up all my policies(bearing in mind that he was one of the top 10 CIS agents in the early 90,s) says they should and they cant.???
I know times change and so do procedures.