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Historic Endowment
My mum has recently passed away and when going through paperwork, I noticed that she took out an endowment with standard life at the same time as taking out a mortgage with Nationwide.
The endowment was taken out in 1988 and matured in 2013 but I don’t think this was ever cashed in.
I’ve tried reading up on the topic of endowments but can’t seem to figure out whether I would be entitled to a pay out.
Has anyone else encountered this same situation or have any knowledge that might help.
Comments
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If it was not paid out at the time then it should be paid to her estate now. Her executor should contact SL to see what the status of it is.
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Usually the point of the endowment was to pay off the mortgage at the end of the term - if it wasn't used for this, how did she pay off the mortgage ?
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Also check old bank statements to make sure she did actually continue paying for it through to maturity…
Many people took them out with their first mortgage and then later changed to a repayment mortgage and didn't need the endowment any more so cashed it in…
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Endowments in that era were often assigned to the mortgage lender, so any pay out may have gone direct to the lender to reduce the mortgage.
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