Endowment policy

bt0147

I took out an endowment insurance policy in 1983 with Pearl Insurance on the Isle of Wight how do I find out what happened to this policy?

MWT

Try contacting Phoenix Life Assurance Limited

Old_Lifer

Presumably you are no longer paying premiums or you would not need to ask and  you would no doubt be eagerly awaiting the maturity of the policy. 

Most mortgages in  1983 would have had a maximum term of 30 years ,  so anything longer is most likely to have been taken out designed to mature  around retirement date.    

As  above,  you could  try  contacting  PLA.     You should mention that it was an old Pearl policy and should tell them your full name and date of birth.    If you can find the documentation you should quote the policy number  but you may also find documentation which tells you what happened to the policy.

If the policy terminated long ago,  the Life Office may  eventually have destroyed the records.

dunstonh

In 1983, endowments for mortgages typically had a maximum term of 25 years.   It was extremely rare to go beyond that.  So, if it was held to maturity, it would likely have been 1998.

If it was a savings endowment, then this would probably have been an industrial branch policy and these were controlled on a paper basis and old matured or lapsed ones were not transferred to the computer system when that was introduced.  So, it would be unlikely Phoenix would hold any info on a plan from that era if it was one of those.

MWT

dunstonh said:

In 1983, endowments for mortgages typically had a maximum term of 25 years.   It was extremely rare to go beyond that.  So, if it was held to maturity, it would likely have been 1998.

Maturity in 2008 I think?

Old_Lifer

Yes,  Pearl was an  Industrial Life Office, so if the policy was taken-out to augment retirement  the premiums may have been collected  four-weekly at the start and switched to direct debit later,  if premiums were still being paid at that time.

During my service  a number of Life Officies offered mortgages but aimed at the professional  and managerial classes and not the wider public.   Our maximum  term for these mortgages  was 30 years.    Mortgage providers at that time would have offered most borrowers a maximum term of 25 years