Lapsed Whole of Life Policies

Hard_food_for_midas
Hard_food_for_midas Posts: 115
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edited 13 October 2023 at 8:36AM in Insurance & life assurance
I've just taken over power of attorney for my mum who, for probably 15 years, has not been on top of her admin. It looks like she paid in to whole of life policies and lost track as the companies merged and direct debits stopped about 15 years ago. In one of the policies, she'd paid more than £6000 and it's all just disappeared - no doubt in fees over the years.

Is there any way at all that we can redeem anything from this? 

Comments

  • DullGreyGuy
    DullGreyGuy Posts: 9,123
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    Depends on the exact product, if it was pure assurance or if it's an older style product with an investment aspect. Some whole of life policies get fully paid up, others you pay until the day you die if you want cover to continue. 
  • Depends on the exact product, if it was pure assurance or if it's an older style product with an investment aspect. Some whole of life policies get fully paid up, others you pay until the day you die if you want cover to continue. 
    Thank you. They were all 'older style' products with investment aspects. One of them was a Unit Linked whole of life policy, started in 1999. Another two started in 1981. They obviously pre-date the Financial Services Act. 

    Mum has suffered with mental health issues all her life and her ability to cope with things has never been great. I love many miles from her and she shielded all of this build up of admin work. She is a hoarder. And proud. It's a perfect storm for someone to let things go.

    I remember trying to review everything for her (she lives hundreds of miles away) in 2008, but by the time all the paperwork came through, she forgot to send to me or ask me to follow up and I busily got on with my life.

    I do not think there is anything that can be done as all the time limits have passed around 2009. 
  • Jenni_D
    Jenni_D Posts: 5,063
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    Not sure this is the right board for this question though - might get further ( not necessarily better :) ) responses in a more relevant board.
    Jenni x
  • soolin
    soolin Posts: 71,866
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    I’ve asked the forum team to move this as it doesn’t seem to apply to a motoring issue. 
    I’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing [email protected] views are my own and not the official line of MoneySavingExpert.
  • dunstonh
    dunstonh Posts: 115,664
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    It is now a duplicate thread of the one that was already in the insurance section:
    https://forums.moneysavingexpert.com/discussion/6478549/lapsed-whole-of-life-policies#latest
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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