Norwich Union Endowment delays

morrow56

Hi Dunstonh

Do you have similar Dec/Jan numbers for Scottish Amicable/Prudential

I got a telephone valuation of my 2 policies in mid December and the 6% and 8% values and surrender values of them both had dropped - they are Scot Am policies

Thanks in advance

Geenie

overlander wrote: »

Norwich Union are a complete shambles of a firm. After experiencing major problems cashing in a life policy i have now canceled every policy i have with them.

I wouldn't touch them now either.We use to do all our insurance with them, until we realised they were charging a lot more then other firms.

OH and I got ISAS with them over 10 years ago, which performed miserably. I took mine out 2 years ago, when it finally reached what I had originally put in, and reinvested elsewhere, where it has grown and the original investment is safe. OH has stuck with them, due to a long standing loyalty of his family doing business with them, and still is nowhere near what he originally invested. He is a stubborn old.......:rolleyes:

I think this delay in paying out endowments is not on at all! We had ours mature with Scottish Provident in November 2008. They contacted us well in advance and paid on the day it was due. Norwich Union should do the same or compensate some interest for holding on to it longer in their account then yours! Pigs will fly first of course!

dunstonh

Do you have similar Dec/Jan numbers for Scottish Amicable/Prudential

None come thtrough recently. Pru did add MVRs in December so that is probably why you saw it drop.

OH and I got ISAS with them over 10 years ago, which performed miserably. I took mine out 2 years ago, when it finally reached what I had originally put in, and reinvested elsewhere, where it has grown and the original investment is safe. OH has stuck with them, due to a long standing loyalty of his family doing business with them, and still is nowhere near what he originally invested. He is a stubborn old.......

NU's unit linked internal fund range is good... for an insurance company. Performance tends to be in line with sector average or just above. The reasons for performance will have to do with the sector invested in and not the insurance company.

Geenie

dunstonh wrote: »

None come thtrough recently. Pru did add MVRs in December so that is probably why you saw it drop.



NU's unit linked internal fund range is good... for an insurance company. Performance tends to be in line with sector average or just above. The reasons for performance will have to do with the sector invested in and not the insurance company.

I realise this dunstonh, it is just a shame that the sector invested in is carp.....considering what power NU must have had when choosing! They spend loads changing their name, but appear to have lost good customer relations.

dunstonh

considering what power NU must have had when choosing!

NU dont choose. The policyholder or their IFA choose. If it was a tied agent of NU (not many of those left now) then they dont choose, they put the choice back to the customer.

If you are invested in a sector that is going down the pan then there is nothing NU can do about it. It is tied, like all other funds, to follow the objectives and rules for that fund.

foxylady2

Yeah I have spoke to FSA to be told I have to wait 8 weeks before they will do anyhing:-(. Yet Norwich Union are promising the earth on tv with their adverts and giving away free goodies. Probably with our money!!!!There should be a law stopping this sort of thing! Like you say Norwich Union is a shambles you cant get to the truth of what is going on because they all tell you different.

Honest_Man

dunstonh wrote: »

Thats bad timing. They added around 3.3% in December and having just read the January price feed from NU, they have gone up another 3-4% in the last few days.

I don't care about or believe any of their claims any longer. I just want what I'm owed. :mad:

ukcarper

I have just found this thread after being told by Norwich Union that they couldn’t give me a date when my endowment, which matured on 13/01/2009 would be paid. Like other posters I expected my payment to be quicker than this. The endowment is assigned to my mortgage and I was surprised and disappointed to be told that they would not let me know directly the maturity value of my policy when it was paid. After requesting they send me the maturity value I was informed that they would request it but I might not get it, is this normal practice. Another disappointed customer

dunstonh

Assignment means the maturity is paid to the lender. However, it doesnt stop you being told what the maturity value is.

Harasseddad

It's even worse if you have to claim on the insurance part. My neighbour's husband died suddenly back in October. On Saturday she was round in tears as NU had sent her a letter demanding to see all the documentation (death cert, original policy) again, saying they had no record of receiving it. I know she had sent it (and had a letter returning them to her), as I've been helping her with the paperwork. And then, when she telephoned them to explain this, the guy suddenly told her that she had to get a certificate from the original mortgage company saying that they had no interest in the cash. So she's effectively right back at the beginning of the process. At this rate it will be summer before she gets the cash - and the mortgage repayments still have to be paid. It's a nice earner for NU keeping all this cash.

What's worrying her is that NU might go bust before she gets the cash. Are these sort of payments guarenteed in any way?