Old Insurance Policies - too much time lapsed?

Jaynie36

Hi, my mum and dad are looking for a bit of advice - they took out 2 policies with their mortgage in 1989 - 1st was with legal and general - endowment assurance with profits (low start build up plan) joint life, first death policy - they paid the premiums up until 2000 when they had to sell their house and pay everything off. They never cashed this policy in (they didnt realise they could at the time) and have just found the paperwork which does state there would have been a surrender value. They have contacted legal and general who are going to look in the archives but the lady did mention about it possibly not having any value due to time lapsed? Is that correct, is there no way they can cash this in (14 years later) they paid around £3000 into the policy over the 10 years. The 2nd policy was with London and Manchester assurance - a lifespan policy which advised at the end of 10 years it would have been worth around £2000 pounds, again they did not realise at the time this could be cashed in - we have contacted London and Manchester today (Friends Life) and they couldnt find anything on the system and advised us to send in paperwork - my question is do they have a chance of getting any of these policies to pay out what they may have been due back in 2000 or is it too late now? Many thanks in advance

dunstonh

the lady did mention about it possibly not having any value due to time lapsed?

If the policy lapsed without value then it would have no value. However, a policy that ran from 1989 to 2000 should have a value unless they surrendered at the time or they chose not to surrender but continue the life assurance element but deduct the life assurance from the investment element.

my question is do they have a chance of getting any of these policies to pay out what they may have been due back in 2000 or is it too late now?

They will get paid what they are entitled to if they have not been paid already. Policies with retained values continue to send out statements. So, there should stilll be a record of what happened and if there is a value.