Lapsed endowment policy

Johnmotley

We took out an assigned endowment policy alongside a Halifax interest only mortgage in 1988.
We ceased paying the premium in 2000 on the sale of the property but did not surrender the policy, the sale proceeds being more than enough to pay of the mortgage.
Halifax have been less than helpful in finding any record of this mortgage.
Does anyone know who the Halifax were using for assigned endowments in 1988?
We have no paperwork at all but suspect it may have been Standard Life.
Any ideas and is this policy likely to have any value?

dunstonh

Does anyone know who the Halifax were using for assigned endowments in 1988?

Standard Life.

Any ideas and is this policy likely to have any value?

You say it is lapsed. Lapsed means it has no value. Or you could be using the wrong terminology.

A 25 years endowment taken out in 1988 would have matured in 2013. Yearly statements are sent out during the life of the policy, providing you kept them upto date with the address.

silvercar

If you ceased payment in 2000, an element of what was then the fund would have been used each month to pay the life insurance part of the policy. Whether that would have amounted to more than the policy value at any point in time is difficult to say.

I would have expected you to continue to receive statements demonstrating this after 2000.

Flugelhorn

we did similar with a Woolwich one, which became Barclays and then Reassure - stopped paying in about 2005 - small amount was used to cover life insurance for the remaining time and we got the remaining sum in 2015 when the policy matured

Johnmotley

Thanks for your response.
I was not sure how to describe the current status of this policy.
We left the UK in 2000 and have only returned recently due to serious health problems and as a
consequence have little or no records.
I am anxious to put everything in order where possible, so would be grateful for any advice as
to whether this old policy is worth or indeed viable in pursuing?

pinklady21

You could phone Standard Life and ask them if they have any record of a policy?

Thrugelmir

What happened to the policy document?

sandsy

When you stop paying premiums, the policy is referred to as a PUP - paid up policy. It can still earn investment returns and still incurs charges such as those for life insurance cover.

silvercar

Standard Life's policy is to pay the proceeds of a maturing endowment policy straight into the account that the premiums were paid from. They do write to you to tell you that this is what they do if you don't contact them to arrange somethin different.

I would check the relevant bank account statement around the time the policy should have matured.