Life insurance payout amount? Info included

dear_prudent

My grandfather got a policy for me when I was 2 years old in 1991 - at this time he was 61.

On the "schedule" it says:

Whole life plan on insured's death: £1000 with compound bonus.
On the 12th of every month: £8.80 from May 91 - April 2001.

My grandfather passed away over ne year ago.

Does any body have any idea what the payout will be?

My estimate puts is at about £2000?

Thanks

eranou

dear_prudent wrote: »

My grandfather got a policy for me when I was 2 years old in 1991 - at this time he was 61.

On the "schedule" it says:

Whole life plan on insured's death: £1000 with compound bonus.
On the 12th of every month: £8.80 from May 91 - April 2001.

My grandfather passed away over ne year ago.

Does any body have any idea what the payout will be?

My estimate puts is at about £2000?

Thanks

Only the life assurance company can tell you, we have no way of knowing the bonuses that have accrued each year since 2001.

Contact them and ask for a claim value.

dear_prudent

They won't give me a claim value over the telephone - I am waiting for it by post in a week - anyone know an approximate claim value? Let's say if the bonus was at 4%?

dunstonh

You will have to wait and see then.

dear_prudent

There's obviously a formula to work out an approximate amount given the information I have provided - clearly nobody knows is - I thought you guys were the experts.

Ebe_Scrooge

dear_prudent wrote: »

My grandfather got a policy for me when I was 2 years old in 1991 - at this time he was 61.

Do you mean the policy is insuring your life ? If so, then it won't pay out until you die. Apologies if I've misunderstood.

Ebe_Scrooge

dear_prudent wrote: »

I thought you guys were the experts.

Most people here ( with a few exceptions ) are not "experts", just ordinary folk who try and give the benefit of their experience to help others.

dunstonh

dear_prudent wrote: »

There's obviously a formula to work out an approximate amount given the information I have provided - clearly nobody knows is - I thought you guys were the experts.

There is no formula. There are over 50,000 life company funds. All performing differently and every day that passes sees those figures change.

We dont know the dates, the version of the fund, the charges of the product or the terms of the product, the product provider, the fund itself yet you want us to tell you how much.

dear_prudent

Can anyone give me a rough estimate or at least a minimum amount guess? I literally am clueless - am I expecting 5 figures here? Or maybe even 3 figures?

Caz3121

we are all clueless unless you answer the points in post #8

If you don't know then you cannot expect strangers to give an answer
the answer will come in the post from the people that have the answer

Justinwales

If the policy was on your life no payout as your are still alive
If it was on his life and the premiums have Been kept up will have continued to have increase until his death
However it may have been a savings / investment product that has some cash in value
Need to ask them