Matured 2003 Life Policy - Help Needed

Cookiebean

Sorry for the long read but I really need some advice what to do next.

Out of the blue a letter arrived from Phoenix Life at the beginning of August (2026) explaining that they had been trying to find me about a matured life policy in my name.

I know nothing about this policy, I dont remember taking it out, I dont have any paperwork for it. In the past 23 years I have moved, got married and have children.

The name on the policy is my maiden name, the address and phone number is my old address that I moved from 15 years ago.

When I rang them they only gave me the policy number and said they could send me a copy of the policy and terms so I could see all the details. The lady I spoke to said she couldn't tell me any amounts or other information. They also asked for a copy of my marriage certificate so they can change the name on their computer?? I haven't done this yet as I thought I would wait to see if they send the details through.

I have been away for 10 days and have come back to a letter from them requesting £325 which remains unpaid on the policy. They are requesting it as soon as possible to pay my outstanding maturity claim.

Do I have to pay this amount as I dont understand why they dont take it from the matured policy? I am shocked that they didnt find me in 2003 or up to 2011 as I was at the same address until 15 years ago? Am I entitled to know what the policy is going to payout as surely if it is worthless there is no point to me paying the £325?

Many thanks and my apologies for the long read

flaneurs_lobster

All sounds plausible until the demand for cash.

Did they send you a copy of the policy (or anything else)?

Did you ring "Phoenix Life" on a number from the letter or on a published phone number from elsewhere?

GrumpyDil

Life companies are obliged to try and trace customers on a regular basis. It's possible that the tracing company they use have better information than on previous attempts which meant they identified a possible address this time around, so that in itself isn't a red flag.

From very woolly recollection I think some life policies have to be fully paid up for them to be matured, whereas some can deduct the outstanding payments from the maturity value.

I would call them again on Monday to explain you have received their letter but before making any payment you would like to understand what the maturity value is.

Woodstok2000

https://forums.moneysavingexpert.com/discussion/comment/82104068#Comment_82104068

And make sure you call the number on their website. Do not call any numbers you might have been given elsewhere.

Cookiebean

https://forums.moneysavingexpert.com/discussion/comment/82103990#Comment_82103990

Thank you for replying.

They were supposed to be sending me a copy of the policy but I have only received the letter asking for payment. The lady I spoke to on the phone did give me a policy number but I have no idea what the policy is or if it is a real policy.

Unfortunately I rang them from the number on the letter, I checked that they were a real company but I didnt think to check the number. I will definitely do that now.

Cookiebean

Thank you for your replies

I have made the error of not checking the number on the letter matches the number on their website. I will be double checking this now.

I just thought 23 years of searching for me seemed an awful long time, especially with things being so much online now.

MyRealNameToo

https://forums.moneysavingexpert.com/discussion/comment/82104245#Comment_82104245

The number on the letter may not match the number on the website… thats normal, insurers have hundreds of departments with different numbers but only publish a couple of the key ones on their website. Often, but not always, the first half of the number is the same but event then not always as in some cases the generic teams will have a non-geographical number but a team that exists in only one office may use a number for that building etc.

Ultimately call back on one of the appropriate numbers on their website (again, not via a sponsored link) and check the details with them. Note that Phoenix is a closed book consolidator, they buy up books of business from old insurance firms, and so it may take the operator some digging to get you to the right place (I dont know how well integrated Phoenix are but have bad memories from the late 90s/ early 00s of Aviva and their disparate systems where no one could find your policy unless you called exactly the right branch)