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  • Legal and General Life Assurance payout

    Hi Guys, hope you are all well. Sorry I don't post so much these days but since my mother passed away theres really no debt to discuss, however, I do have a question which relates to what I believe is a life assurance policy my mother may have had in place.

    A little background information:

    Over the years, my mother has always told me that she had "life Insurance" which would pay off her mortgage on the event of her death, now I never questioned this and always took what she said as gospel (she was never wrong about anything)

    However, since she passed ive been going through some of her old files and I have noticed that the "life Insurance" policy she told me about, actually appears to be a "life Assurance Endowment Policy"

    This if true, throws a spanner in the works as I believe there may be a claim here.

    Records I have in my possession:

    Two letters dated 1999 confirming a request for review, stating that her funds at the time were £63,000, and would reach total target benefit on 2nd Februrary 2008.

    Another letter confirming her review date would be around 2005.

    I have records of her paying the life assurance premium of £117.91 p/m right uo to about a year and half ago, when she stopped paying as she feel ill.

    Now, by my reckoning, her endowment should have matured in 2008, I don't recall she ever made a request to review her policy in 2005, her premiums have remaned the same since 1999.

    If the letter confirms the total target would be met by 2008, then surely anything she paid after this date, was simply overpayments as opposed to finising her term of premium payments.

    Therefore, would she not, be entitled to the cash out, now she has died??

    I telephoned legal and general (luckly I have the endowment policy number) and they advised that because no contact had been made for over 6 years, her policy has been archived, and to write to them instead at Legal and General assurance society Hove. Which I have now done.

    Guys, my main question is this, am I right in thinking this endowment is life assured not life insurered (due to high premiums and letters confirming pay out amount on maturity)
    And is she entitled (or rather the estate) to the pay out now shes died, even though she did not continue payments up to her death? (as I believe she overpaid, way past Feb 2008 when they say the target amount would be reached)


    I understand that without a review every so often its hard to judge whether the payments would reaching the target amount, so funds could be lower than expected, but regardless of that, I have a belief that something would be due?

    Any help would really be appreciated.
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

  • #2
    I would start with a Subject Access Request to Legal and General to get the file.

    If your late mother was making payments until relatively recently (according to you) then they should still hold all the data. It may be archived but it shouldn’t be destroyed.

    Do you know how your mother took out the policy such as through a broker?

    What is the situation with the mortgage i.e. was it paid off before she passed away or is there an outstanding amount to be settled by the estate?

    Di
    Legal Disclaimer

    I am a Litigation Executive at Joanna Connolly Solicitors a firm which specialises in consumer credit. If you need to contact me you can send a message by clicking on my username or by emailing me at di@joannaconnollysolicitors.co.uk or by telephoning 0330 053 9340. Our initial advice is always free.

    Any posts I make on the AAD Consumer Forum are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide on the forum is without liability. If you are unsure please seek formal legal guidance or contact your local citizens advice bureau at https://www.citizensadvice.org.uk

    Comment


    • #3
      Hi Di. It was taken out through a broker called first choice finance back in 1999. I have found letters to and from the FSA regarding miss selling as my mother believed they were never told it could fall short of target by 2008. They were told by an ombudsman and two legal guys that they agreed but the broker argued they didn't have jurisdiction to make a ruling. To save costs at court my mother passed it for review to the FSA and at that point the ruling was changed to suggest my mother wasn't mis sold. The reasoning was abit lame such as, you would have known.

      They felt they had been shafted because on 2 occasions it was ruled in their favour and was advised to pass the case for review to avoid legal costs to get a final ruling. To only be ruled against.


      The mortgage was paid off last October, 5 months before my mother died, however she became terminally ill around 4 years ago and so if there was a critics illness clause could have claimed then.
      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

      Comment


      • #4
        Originally posted by SXGuy View Post
        Hi Di. It was taken out through a broker called first choice finance back in 1999. I have found letters to and from the FSA regarding miss selling as my mother believed they were never told it could fall short of target by 2008. They were told by an ombudsman and two legal guys that they agreed but the broker argued they didn't have jurisdiction to make a ruling. To save costs at court my mother passed it for review to the FSA and at that point the ruling was changed to suggest my mother wasn't mis sold. The reasoning was abit lame such as, you would have known.

        They felt they had been shafted because on 2 occasions it was ruled in their favour and was advised to pass the case for review to avoid legal costs to get a final ruling. To only be ruled against.


        The mortgage was paid off last October, 5 months before my mother died, however she became terminally ill around 4 years ago and so if there was a critics illness clause could have claimed then.

        A business called First Choice Finance still exists - is this the business (website) which advised your late Mum ? > https://www.firstchoicefinance.co.uk/ and the limited company here on Companies House website > https://beta.companieshouse.gov.uk/c...filing-history

        If so, you may need to send them a Subject Access Request.

        Who is/was the mortgage lender? Do you have their final statement etc? You may need to send them a Subject Access Request too.

        Who were the "two legal guys" who advised your late Mum? Was this a law firm? Did she pay them? And when was this?

        The FSA didn't investigate individual complaints on behalf of consumers (neither does the FCA)..

        I've just replied to your previous email albeit a bit late.

        Di
        Last edited by Diana Mayhew; 21st August 2018, 21:32.
        Legal Disclaimer

        I am a Litigation Executive at Joanna Connolly Solicitors a firm which specialises in consumer credit. If you need to contact me you can send a message by clicking on my username or by emailing me at di@joannaconnollysolicitors.co.uk or by telephoning 0330 053 9340. Our initial advice is always free.

        Any posts I make on the AAD Consumer Forum are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide on the forum is without liability. If you are unsure please seek formal legal guidance or contact your local citizens advice bureau at https://www.citizensadvice.org.uk

        Comment


        • #5
          time limits for mortgage endowment complaints - Financial Ombudsman

          www.financial-ombudsman.org.uk › publications › technical notes

          technical note - time limits for mortgage endowment complaints. ... limit

          Wonder if they were informed back then to act etc????
          I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

          If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

          Comment


          • #6
            I'm not sure I know the FSA were envolved. Will go through all paperwork again this week.
            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

            Comment


            • #7
              Ok so I received a letter back from Legal and General.

              Apparently, my mother cashed in the policy early in 2001.

              However, that made me dig deeper and i discovered another policy from Standard Life. Sadly though this policy is for Mortgage Protection, the payment is very similar to Legal and General, and so it looks like i got mixed up a bit.

              That being said, im unsure if this policy included Critical Illness, and so i may write to these and ask when the policy was canceled and if it had critical illness cover. If it turns out she fell ill prior to the cancellation of the policy im guessing there could be a potential claim for the mortgage payments made in the last 4 years.

              I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

              If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

              Comment

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