Life Insurance Maturity

sairsy50

I am looking for some advice on the following situation…
I have a life insurance policy that was due to mature in March, some 5 months ago. I was not contacted by the insurance company and was only made aware of the outstanding maturity after I made enquiries.
I have been offered no explanation for the delay and have been advised to submit a ‘lost policy declaration’ alongside a letter to confirm my details. It is therefore my understanding that the company involved may have lost my policy.
Could anyone advise where I stand in terms of making a complaint, regarding their incompetence. In addition am I entitled to compensation for inconvenience and the interest I would have incurred over the last five months?

dunstonh

It is therefore my understanding that the company involved may have lost my policy.

You have that the wrong way round. They are asking for you to complete a lost policy declaration to indicate you have lost the policy document.

Could anyone advise where I stand in terms of making a complaint, regarding their incompetence

Why jump to complaint? Make your views heard when you speak to them but see how they resolve it first. If it is not resolved quickly or to your liking then complain. Mistakes happen but you should give them a chance to resolve the complaint first.

It is possible that they did write to you asking how you wanted the maturity proceeds paid and were awaiting a response. Some plans automatically roll over unless they hear from you. If you didnt get the letter then you would both be waiting in limbo.

In addition am I entitled to compensation for inconvenience and the interest I would have incurred over the last five months?

They should pay interest on the maturity value up to the point of issuing the funds. You are entitled to nothing above this amount.