Lloyds life policy-lost/lapsed

theoutertemple

Hi, back in 1984 when I had just started University I was visited by a sales person from a company called Lloyds life (part of the Lloyds group) who sold me a small endowment policy. They sold it on the premise that I paid £10 per mnth and at the end of my 4 year course I would have a little lump sum to start me off in life.
However, about 18 months later my bank stopped making the DD payments (I had hit my overdraft limit) and I just forgot about the endowment.

About ten years later I spoke to a friend in the banking industry about it and she said because I hadn't made the minimum 3 years of payments I'd probably lost everything.

Having just seem MSE on the tv and the bit about lost accounts I am wondering is this right? Did I lose the right to any payout by not paying in for a minimum of 3 years? If not how would I go about getting back any money that was owed to me. I obviously don't have any of the details any more.

Any help/advice gratefully received. I know it's not much money but every little helps!

Thrugelmir

theoutertemple wrote: »

If not how would I go about getting back any money that was owed to me.

Find the policy.

dunstonh

Hi, back in 1984 when I had just started University I was visited by a sales person from a company called Lloyds life (part of the Lloyds group) who sold me a small endowment policy.

Not heard of Lloyds Life before. I thought it was Black Horse Life in that period for life and pensions and LBIS for general insurance (Lloyds Bank Insurance services)

They sold it on the premise that I paid £10 per mnth and at the end of my 4 year course I would have a little lump sum to start me off in life.

It cannot have been an endowment then. Endowments could not have a term of less than 10 years.

Having just seem MSE on the tv and the bit about lost accounts I am wondering is this right?

If it was an endowment then it sounds right. In that period, they did not obtain a value for 2-4 years.

Is it possible your memory is fuzzy on this? Have you still get a policy document?

theoutertemple

Thanks for your replies. It's pretty unlikely I'd be able to find the policy as the last communication I had with them was back in 1986 and as a student I moved so many times. I think they did once send a letter to my parents address so if I'm really lucky that may be stashed in the loft somewhere.

I'm pretty sure it was Lloyds Life though. That's about the only thing I can remember about the policy.

Suppose I just write that one off to experience...

Tigsteroonie

I have a vague memory - might be wrong but possible worth investigating - that Lloyds Life was the name before Royal Heritage Life Assurance was the name before Royal Life was the name before being part of Royal Sun Alliance.

ETA. Found it described better online:

Lloyds Life Assurance Limited was renamed Royal Heritage Life Assurance Limited when it was bought by Royal Insurance in 1985. Royal Insurance merged with Sun Alliance to form Royal & Sun Alliance in 1996, and Royal Heritage Life Assurance Limited was renamed Royal & Sun Alliance Linked Insurances Limited in 1998. Royal & Sun Alliance Linked Assurances Limited was renamed Phoenix Life Limited in 2005.

I joined Royal Heritage in 1987, that's how I remember the name!

theoutertemple

Thanks Tigsteroonie,

I'll look into that.