Old policy help

kezzakin2000

 my grandad passed away a month ago, and in his papers we found additional life assurances that we were not aware of previously. My grandad and my Nan moved in with my mother 20 years ago. My Nan died in 2005, both my mom and aunt helped him with the insurances he remembered and with funeral arrangements ( he had dementia). My grandad died of covid 19 in April. While going through his bedroom we came across 2 very old life insurance policies. One from the British workman’s friendly society and the other national and county. Having not heard of these before, I have looked into them and both companies are now part of Scottish friendly. We phoned them and they advised there was nothing on file, but it was likely due to them being old policies and to send the details to them and they would look further. We did this, however, have received a email stating nothing could be found which meant they had matured and been cashed. However, we have not cashed them when either of my grandparents died and as they were life assurances surely these could only be cashed at this time. Can you advise what our next steps should be?

kezzakin2000

kezzakin2000

Ppp

sheramber

 When were the last payments made. That may indicate when the policy   ceased, was paid out or made a paid up  policy if no payments made. Over the years admin charges could swallowed up any  money  held in it.

Old_Lifer

I assume that premium payments under  both these policies  ceased long ago

The  copy  of the policy above indicates  it is a whole life policy   Although we do not have a copy of the other policy, the payment book  seems to indicate  a term of 99 years which points to this also being a whole life policy.   May I draw your attention to the fifth paragraph in the policy document regarding the discretion of the Committee of Management regarding the continuation of the policy on the death of the proposer (your Nan).

A whole life policy  becomes payable on death.     It does  not mature,  so  I   would  question  the assumption in  the email   that the policies  may have  matured. 

Industrial policies like these  would have weekly or four-weekly  premiums  which would have been collected by an agent  who  would have recorded in a payment book  kept by the policyholder,   each premium paid .    By the end of the 1970's   Industrial Life Offices  were  moving  increasingly  towards   collecting  premiums monthly by standing order or direct debit.   As smaller  organisations,   Friendly  Societies   would  have continued  with  their traditional method of collecting premiums  for longer.

Where  the method of collection changed  from  agent  to   payment  through the bank,   my understanding  is that  older policies were often  converted to 'free policies' with no more premiums due.   Where this happened it would be usual for the policy to be endorsed  and  an amending entry made in the lastest  payment book.

It  a policy was surrendered, the policyholder would have been asked to return the policy before payment was made.   However,  if the policy was missing at the time the surrender value may still  have been paid after a Statutory Declaration had been completed.

In these circumstances you would still have the policy.

The problem here is that you have only some of the documentation  -  you have only part of the story     Nonetheless, it may be worth your while having another go at this, as you have nothing to lose.   When trying to locate an old policy,  the first  person  you deal with may not  be familiar with older policies so it may take time to get through to the right person.

If you decide to contact them again may I suggest that you do it by letter (not 'phone or email) and keep copies of anything you send them.  Point-out  that  the policy above  is a whole life policy  so could not have matured  and since you still have  the policy it has not been surrendered either.    See  how they repond.

kezzakin2000

Okay thank you, I will try again. I remember the man collecting the money when I was little so that is all correct. I did reply to their email asking how it was cashed if it was to be paid upon death, but I will write to them.

dunstonh

it may have paid out in 2005 (following the death of your grandmother)