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Phoenix
Nightranger
Posts: 156 Forumite
Has anyone had any experience of Phoenix taking over life assurance policies (linked to mortgages eg, Abbey Life) and refusing to pay out when the policy matured?
I will furnish more details as time goes on but I wondered if anyone else had any experiences of this company?
I will furnish more details as time goes on but I wondered if anyone else had any experiences of this company?
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Comments
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Has anyone had any experience of Phoenix taking over life assurance policies (linked to mortgages eg, Abbey Life) and refusing to pay out when the policy matured?
No. It hasnt happened. They have paid out on maturities and surrenders as per policy conditions. On claims they have been known to reject on non-disclosure issues but the FOS now have standards on that so there shouldnt be any issues there.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.0 -
Hello Nightranger
My 25 year policy is due to mature on 20th this month. I will inform via these boards as to what happens!0 -
No. It hasnt happened. They have paid out on maturities and surrenders as per policy conditions. On claims they have been known to reject on non-disclosure issues but the FOS now have standards on that so there shouldnt be any issues there.
Thanks. It is a tricky one that hinges on identifying my now, ex-wife in my case. It seems I am the only one definitively identified on the policy, as Phoenix would have contacted my ex-wife also. She has remarried twice since we split so I cannot see how she could sign with a recognised signature, especially one that could be verified with the signature on the original policy. This is assuming I could locate her of course. However, what worries me is that the policy does not seem to have been set up with the facility for me to have ever claimed should anything have happened to my wife at the time. I am guessing Phoenix found me through my NI number but there never seems to have been any similar identifiers for my ex-wife. To be fair, Phoenix have not been unhelpful but it is frustrating to be denied money when repayment would be expected yesterday had it been me that owed the money.
Incidentally, Abbey Mortgages have produced the release letter so it now just hinges on this identification issue. Obviously, to contact my ex-wife at this stage is a little sensitive but I am not sure how Mrs X (I honestly don't even know her current name or whereabouts) can sign on behalf of the ex Mrs P.0
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