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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the endowment policy number) and they advised that because no contact had been made for over 6 years, her policy has been archived, and to write to them instead at Legal and General assurance society Hove.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.
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.
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