abbey national endowment mortgage question

Foxy

does anyone know if a abbey national endowment mortgage policy reach maturity if one of the people with it was terminally ill. was taken out 18 yr ago. i ask as one of my familys newer one did and wondered if this would be the case with this type of policy. tried looking via web but still none the wiser any help would b much appreciated

payless

Terminal illness is often thrown in free on life policies, but can't say i have seen it on endowments- and IMHO even less likely 18 yrs ago- unless perhaps Crit Illness was included ( optional extra- at extra cost) and again this was not that common 18 yrs ago.

Of course the easiest way to find out is to call them

Out of interest - how is a policy of that age doing anyway? - on target?

Come to think of it as you sure its an Abbey National policy??- don't think they had own brand then ( N&P ?? did - maybe a few yrs later - which was taken over by Abbey ) , the with profirts version I think was really just a rebranded GA( now NU) policy

Foxy

sure it was done via them as my parent have always bin wiv them as think the co-op one are just the life insurance. it was just a family member said it had that on her 1 she got and was wondering if the same was 2 b said for mum and dad as wanted to suss out the relevence beforew approachin my dad. the endowment wont cover the shortfall they have said other than that i dont no i only tryin to suss from the little bit i do no to b honest. i think if i remembering it right it one of them sort of mortgages that dont exist anymore ie cant get them anymore other than that. was defo between 16 and 18 yr ago cant remem the exact yr

dunstonh

Abbey National was tied to Friends Provident between 1987 and 1992. Before that, I dont know if they had any tie to an insurance company. I certainly cannot find a reference to one.

Abbey National Life purchased scottish mutual in 1992 and then formed abbey national life in 1993.

payless

Guess it was a pre "A" day policy before the lenders "tied", so possible it was with any of the major insurers if purchsed from lender, or was it sold by an intrucing broker?

Anywat does not get around your question about terminal illness - which is not likely

Foxy

cheers for all help i think i worked out wot my sis was on about. was not so much abbey but the endowment thats linked to it which prob wiv co-op. looked that up and think by the looks of it it wud depend on if they took optional critical insurance out. if they did wud terminal illness class as critical illness. :-/

dunstonh

critical illness and terminal illness cover are different things.

Back then terminal illness was unlikely but not impossible.

payless

First Crit illness policy sold in UK was in 1986 ( the same 18 yrs ago that you said endowment was taken)

It took a few years before it became more common place, so if its a UK Co-op Insurance policy I doubt it had Crit Illness, and as DD says unlikely had Terminal illness cover - why not just ask them. Remember Terminal illness benefit , even if held would require very strict conditions to be met.