Endowment question

GrannyW100

Hi there.


My husband pays two endowments for a previous mortgage with his ex-wife. They are used as a savings plan now as the mortgage is repayment. He wishes to stop paying hers and cash it in, they are both with Aviva. How does he go about this - I've read something about Deed of Assignment somewhere. Is this easy to obtain. His ex-wife is now remarried, so her name is not the same as on the original policy. This was totally forgot about when the divorce was done some 6 years or so ago (he's continued to pay since the divorce). any ideas would be most appreciated

TrickyDicky101

If the endowment is in her name (whether her new name/old name) then the policy is her's not your husband's. He can't just cash it in. Or do you mean it is a joint policy (ie in both their names)?

GrannyW100

Hi there.


Apologies it's in joint names

McKneff

Sharing is the only answer

adandem

How long is there left on the policies? It may be worth keeping them if you're already quite a few into them, especially if there's a mortgage endowment promise too.

silvercar

Where is all the correspondence sent?

If the policy in in her name then legally she is more than likely (though not always the case) the beneficiary.

In practical terms, both my endowments that have matured, with different companies, paid out to the account from which the premiums were made, unless told to the contrary.