Jump to content


Death cover query


style="text-align: center;">  

Thread Locked

because no one has posted on it for the last 5846 days.

If you need to add something to this thread then

 

Please click the "Report " link

 

at the bottom of one of the posts.

 

If you want to post a new story then

Please

Start your own new thread

That way you will attract more attention to your story and get more visitors and more help 

 

Thanks

Recommended Posts

To cut a long story short, I had an endowment with my now ex, partner about 10 years ago. We split, and signed everything over to me.

 

The endowment company kept her name on the policy as a second name for life insurance, I queried this at the time and they said that there was no point in taking her off as it wasn't saving me anything, and assured me that everything was in my name. I tried to get my new partner on some time ago, and was told I couldn't as I had to take out a whole new policy which wasn't worthwhile.

 

Anyway, I received news that she died from natural causes (not to sound callous, but woo hoo, windfall! Sorry but she was a real bitch, she ripped me off for a small fortune, so I call it repayment of loans plus interest), so I telephoned the insurance company. They have assured me that the cover is due to me, and to send in the documentation to claim.

 

A friend who sells insurance told me though that the company may look for a current financial link, which we haven't had for 7 years. I was not informed this at any stage, and am getting a bit worried my claim will be stopped. Has anyone any knowledge on this?

Link to post
Share on other sites

Your friend is mistaken.

Life policies are freely assignable. The "insurable interest" has to exist at the time the policy was taken out,

If your friend was correct ther would not be the market for second-hand, traded endowment policies that there is.

********************************************

Nothing in this post constitutes "advice" which I may not, in any event, be qualified to provide.

The only interpretation permitted on this post (or any others I may have made) is that this is what I would personally consider doing in the circumstances discussed. Each and every reader of this post or any other I may have made must take responsibility for forming their own view and making their own decision.

I receive an unwieldy number of private messages. I am happy to respond to messages posted on open forum but am unable to respond to private messages, seeking advice, when the substance of that message should properly be on the open forum.

Many thanks for your assistance and understanding on this.

Link to post
Share on other sites

Bernie_the_bolt is correct when he says that for life insurance policies, insurable interest has to exist at the time the policy was taken out. It does not have to exist at the time of a claim. (By the way, this is different from general insurance such as home or motor, whereby insurable interest has to exist both at inception and at the time of the claim).

 

My parents have an endowment policy which they took out in 1987 to pay for the mortgage. They got divorced a few years later, but my Dad's name is still on the policy (in fact, his name is listed first, although all the correspondence goes to my Mum now).

 

I have researched Traded Endowment Policies (TEPS - second-hand endowments) and it does say that as soon as a person named on the policy passes away, you are allowed to claim even if you don't have a connection with that person. Here's a website which explains this : Traded Endowment Policies (TEPs) - A Guide - Money extra

Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    • No registered users viewing this page.

  • Have we helped you ...?


×
×
  • Create New...