Endowment ending procedure what/next ??

dave041967

Hi an insight would be appreciated.

I have contacted Friends life twice about an endowment policy I have maturing in less than a month and the info regarding what happens next has been not very helpful at best and contradictory at worst.

So my questions are

What if anything do I need to do prior to the end date ?

How are the funds paid ? and when and to where ?

ie straight into the account used to pay the monthly premiums on the day of maturity ?

Any thoughts on this would be appreciated.

Dave

MortgageMamma

Hello

Did you provide your birth certificate when you took out the policy? is the endowment in your name? is it written under trust or assigned to a mortgage lender?

All this info is necessary to consider where/when it would be paid. I am not an investment adviser but it seems pretty slow that they have not written to you and told you what you need to do yet.

Have you written to them? what sort of information have they given you when you have spoken to them?

dunstonh

What if anything do I need to do prior to the end date ?

If it is assigned to an old lender (not current) then you need this to be removed. Only the old lender can remove the assignment.

ie straight into the account used to pay the monthly premiums on the day of maturity ?

No. Typically a week or two latter. Some old types can mature and pay on the day but most cant sell the funds until maturity and then have to wait until settlement of those funds and then you get it via bacs after that.

dave041967

dunstonh wrote: »

If it is assigned to an old lender (not current) then you need this to be removed. Only the old lender can remove the assignment.



No. Typically a week or two latter. Some old types can mature and pay on the day but most cant sell the funds until maturity and then have to wait until settlement of those funds and then you get it via bacs after that.

Thanks for the reply


How do I find out if its assigned to anyone It does state it on any of my yearly statements etc ?

dave041967

MortgageMamma wrote: »

Hello

Did you provide your birth certificate when you took out the policy? is the endowment in your name? is it written under trust or assigned to a mortgage lender?

All this info is necessary to consider where/when it would be paid. I am not an investment adviser but it seems pretty slow that they have not written to you and told you what you need to do yet.

Have you written to them? what sort of information have they given you when you have spoken to them?

Not sure about providing my Birth certificate (25yrs ago memory fuzzy lol )

Yes the I am the endowment owner, not sure if its assigned or written under trust (I'm not sure what that means )


The only info that was consistent with both my call was that "they would send out the necessary paperwork 1-2 months before maturity ".


Dave

MortgageMamma

And have you had the paperwork yet?

Who arranged the policy for you in the first place was it an independent financial adviser or did you go to friends life direct?

dave041967

MortgageMamma wrote: »

And have you had the paperwork yet?

Who arranged the policy for you in the first place was it an independent financial adviser or did you go to friends life direct?

Hi, Actually today (Tuesday) in the post I have received a courtesy letter to say as the policy is ending the direct debit will stop automatically.


That's the only correspondence I have received in relation to the endowment ending.


If my memory serves me right it was set up through an advisor with Abbey National when the mortgage was initiated, definitely not direct.
On further thought would it make a difference at all that the policy was originally Friends provident I believe Friends life describe it as one of their heritage businesses.


I will take some paperwork with me tomorrow and attempt to make a call whilst at work.


Thanks again for the thoughts and questions.


Dave

dave041967

Just an update I managed to get a call in this afternoon to Friends Life regarding the maturing endowment and the lady checked and a "maturity pack" has been sent out 2 days ago so should be with me shortly.


At least its a step nearer.


Dave