Questions about claiming from an old assurance policy

LibrisLycan

I'm not sure which is the best board to post this, the probate board or the pensions board, I'm going for pensions because it might need more in depth knowledge in this area.

I'm working on my parents probate, both have died in the last few years. I have a few questions regarding an assurance policy in my parents joint names. (NOTE my parents were hoarders and working through their stuff to find paperwork has been a nightmare.)


1
I have Gordon Bowley's book “probate” which has lots of sample letters to use, and the one on assurance says I have to send the original policy and premium book along with the death certificates. I can't find the premium book, is that a problem? (through reading the documents, I suspect they payed up front a single premium of 2k, so there might not be a premium book?).

And, I don't know what it means by “original policy” I have found an official policy document wallet from the original company, which contains an acceptance letter, a reciept, and a policy schedule. I suspect that the schedule is what I'm looking for, but I'd like confirmation.

OK, the front page of the schedule says

REGENCY SELECT INVESTMENT BOND (LAST SURVIVOR)
REGENCY LIFE ASSURANCE COMPANY LIMITED will pay to the owner, his representatives or assigns the benefits provided hereby subject to the provisions on the following pages which are made a part of this Policy.

The 2nd page of the policy schedule says

Schedule for last survivor select investment bond
single premium £2000
policy date 1986
“names of both parents”

under special provisions it says

annual withdrawal plan selected

The original policy was owned by Regency, but later paperwork shows the same policy number coming from Windsor Life, and more recently from ReAssure.




2
I'm confused by how much this policy is worth?

There are several letters showing the current fund value, increasing over the years, the last one I have says the fund value is £280, but on another page it says “unit value” is £280, with 67 units held. And something I read on the net, about assurance policies, has made me think that my parents were assured for the original premium, which would be 2K.

Also, the schedule shows that they selected the “annual withdrawal plan”. Does that mean that the original amount has dwindled away?

So is it £280, or 67 x £280, or 2K?


3
I don't feel comfortable sending the schedule through the post, shall I photocopy it before sending it registered?


4
Does this policy count as part of the estate for IHT?


5
Does this policy need probate to be completed before it pays out?

LHW99

Regency Life Assurance Company changed to Aegon, and is now ReAssure (I think) - perhaps a more knowledgable person can confirm?

I suggest writing to the insurance company, including details of the policy number, lives assured etc and include the death certificates.
Ask if the policy still has a value, and what additional documents they need.

They will send the certificates back when recorded.

Keep_pedalling

I would not worry to much about the original policy documents, my mother and step father's CIS documents were accidentally destroyed when they moved into a bungalow. On his death I rang CIS who only asked for a copy of the death certificate they did not ask for any of the original documents.

Give the company a call in the morning they will tell you exactly what you need to send.