Penny Policy

hamer

Hi,
Don't know if anyone can help me but here goes.

My mother took out a life assurance, ''penny policy'', on me in April 1951 with The Scottish Legal Life Assurance Society and kept up the payments untill her death in 1990 when, my sister continued the payments untill the end of December 1993. I can recall her making enquiries on how to surrender/cash in the policy but unfortunatley getting nowhere for her efforts.
My sister also died aprox. ten years ago and I have recently been given the payment books with the receipted payment entries recorded in them however, the policy is unavaliable.

Is there any point in persuing this in the hope of a cash settlement and if so what would be the procedure.
Any comments would be appeciated.

Thanks,
Hamer.

cabriocrew

I also have one of these policy,s that was my late mothers,I have the policy but no book when she died 14yrs past I took the policy to thier glasgow office and was told I needed the book the bottom line is they never paid out.

I do hope you will have better luck as I did.

shop-to-drop

My mum was just asking about these. Her mother took out a penny policy on her when she was 4 years old in 1933. She has the policy and would love to know what it is worth as she thinks it will pay out on her death. Does anyone know if these payout (she hasn't mentioned a book) and she knows no details of how much her mother paid in.

Has anyone got any knowledge on these so that I can give her an idea?

I have googled but not found much just this old thread really.

dunstonh

Does anyone know if these payout

There are too many variations to speculate.

Has anyone got any knowledge on these so that I can give her an idea?

Any IFA would but if you dont have one, it isnt really something you would ask a new IFA. Best thing to do is ask the provider of the insurance.

shop-to-drop

Thanks, she has just turned out the policy and is intrigued by it. On our next visit I'll take a look at the policy and give the provider a call.