Endowment Null and Void since year 11. . found out 14 years later.

MWT

I'm sure we can all read between the lines and it will not help to speculate further here, but do please update us again once this matter is settled as fraud on the one side doesn't automatically imply incompetence on the other side so the result will be perhaps useful to others once it is known...

GeordieGeorge

GE0RDIE said:

Sorry for lack of update. This is still ongoing and I have been advised not to discuss it.
I could however, ponder what would happen to an ex-husband who cashed in a policy that the wife had before she met him, and the implications for the company that could not have sufficient security in place to avoid this happening. 
A tale of fraud and incompetence I would imagine. 

If the policy was cancelled by her husband then the direct debits would have stopped. You’re clearly not getting the full story here.

Old_Lifer

In my day,  when a policy was surrendered  the signature on the form of discharge would  be checked against the signature on the original proposal form.

ACG

14 years ago was a long time. It is easy to say incompetence but we did live in a very different world back then when security would not have been as tight as it is today. 

Even if the ex did cash in the policy, that does not say what has happened to the premiums for the last 14 years.

Appreciate not too much can be said but it would be interesting to know how this has taken so long to be picked up.

GE0RDIE

GeordieGeorge said:

If the policy was cancelled by her husband then the direct debits would have stopped. You’re clearly not getting the full story here.

It seems the payments were for insurance, maybe PIP. I'm struggling to understand it myself. I'm trying to 'pry' information whilst being sensitive to her feelings. She's upset and embarrassed about her stupidity (my word!) and finds it hard to talk about it. 
She's been sweeping it under the carpet whilst I tend to get angry. 

Old_Lifer

Records from 14 years ago may perhaps no longer exist.    Once a policy had terminated we kept the records  for 7 years and then destroyed them.      In practice, we often kept records for much longer,  since destroying old records had a low priority and was not done very often.

I would expect a typical endowment premium to be much larger than a PIP premium.  The two are different types of policy, so would not be connected at all.

dunstonh

14 years ago on a life assurance policy on a legacy product (which an endowment would be), would be a paper-based process.    They would rely on signatures.

She's upset and embarrassed about her stupidity (my word!) and finds it hard to talk about it. 

Tell her that if you are in a proper loving relationship, you suffer the bad things together and she is not alone and you will support her and not be judgemental.