Endowment matured, Insurance company refusing to pay out

[bill55bill]

A small endowment policy I jointly hold with my ex-wife has matured. The total sum payable is £6000.

They have asked me to produce documents proving my ID and to fill out a claim form.

The claim form stated that monies can only be paid out in one of two ways: into a joint bank account in the policyholders names or to be split 50/50

Now £3000 is a lot of money to me however they are refusing to pay me my half until my ex-wife claims her half.

Fine, so I ask them if they have made contact with her and they tell me their tracing agent has not had any luck yet.

So what happens to my share if they can't find her? Apparently they keep it and there is nothing I can do about it.

I have not seen her for 20 years now, we had a very acrimonious split and I do not wish to tip her off that I can only get my half if she claims hers because I know that out of spite she'll probably not claim it!

Anyone got any ideas how I can get my hands on MY money?!
Many thanks

[Bill-K]

Re: Endowment matured, Insurance company refusing to pay out

Hi Bill. This isn't my area of knowledge, and it may well be that the insurer is pulling a fast one on you by insisting that acceptance has to be BOTH jointly AND severally. This is usually a 'catch-all' term used to define liability and responsibility of married couples or other partnerships - but to use it 'in reverse' when it comes to paying out on a matured endowment seems like a dodge too far to me. But it may well be that they are acting within their rights, and perhaps you have to now 'box clever.'

If you are reliant on your ex-wife's acceptance of her share in order to receive yours - then she will also be reliant on you in the same way ! It may be better to take the stance that YOU are in control here, as she will NOT be able to claim her share unless you also do the same. It's a two-way street, it seems to me. So - if you can trace her - then maybe tell her that this paltry endowment has finally matured, and that you are not particularly bothered yourself about it. BUT - the insurers have been pestering you to help them find the other beneficiary, and you want to get them off your back and settle the matter. If you can, then maybe write something on the lines of:

"So, good lady - you are entitled to claim your share of this modest fortune, and I would be happy to see you receive it, as it is indeed yours. Please contact Messrs. XXXX with the necessary details, and they will pay you your share of this - and we can draw a line under it."

Apologies if I may seem flippant - but I'm just trying to see this from HER standpoint, Bill.

[bill55bill]

Re: Endowment matured, Insurance company refusing to pay out

Hi Bill. This isn't my area of knowledge, and it may well be that the insurer is pulling a fast one on you by insisting that acceptance has to be BOTH jointly AND severally. This is usually a 'catch-all' term used to define liability and responsibility of married couples or other partnerships - but to use it 'in reverse' when it comes to paying out on a matured endowment seems like a dodge too far to me. But it may well be that they are acting within their rights, and perhaps you have to now 'box clever.'

If you are reliant on your ex-wife's acceptance of her share in order to receive yours - then she will also be reliant on you in the same way ! It may be better to take the stance that YOU are in control here, as she will NOT be able to claim her share unless you also do the same. It's a two-way street, it seems to me. So - if you can trace her - then maybe tell her that this paltry endowment has finally matured, and that you are not particularly bothered yourself about it. BUT - the insurers have been pestering you to help them find the other beneficiary, and you want to get them off your back and settle the matter. If you can, then maybe write something on the lines of:

"So, good lady - you are entitled to claim your share of this modest fortune, and I would be happy to see you receive it, as it is indeed yours. Please contact Messrs. XXXX with the necessary details, and they will pay you your share of this - and we can draw a line under it."

Apologies if I may seem flippant - but I'm just trying to see this from HER standpoint, Bill.

Thanks, there's no way on earth I'm doing that, she'll definately refuse to do anything if she knows I'm relying on her to claim my share...

Done a bit of research and may have to rely on this bit of legislation:

Life Assurance Companies (Payment Into Court) Act 1896

[leclerc]

Re: Endowment matured, Insurance company refusing to pay out

When you divorced, was any part of that settlement one that dealt with financial assets. Was the endowment for a mortgage?

The terms of the divorce if it covered the settlement of financial assets MIGHT be sufficient for the endowment company....

[bill55bill]

Re: Endowment matured, Insurance company refusing to pay out

When you divorced, was any part of that settlement one that dealt with financial assets. Was the endowment for a mortgage?

The terms of the divorce if it covered the settlement of financial assets MIGHT be sufficient for the endowment company....

No, the divorce did not mention anything financially. We walked away from a flat we jointly owned, handed the keys back to the building society and went our separate ways. Yes, the endowment was linked to a mortgage, the Building Society have recently confirmed they have no claim on it anymore.

I've only spoken to the customer services team at the Insurance company who just keep repeating that they're trying to track her down, and that they can't do anymore. Not very helpful at all. I've given them an address of her family and they've written to her there but had no response from her. I've asked them to send me copies of the policy and conditions, think I'm going to write to their legal dept and ask whether they'll accept a 'deed of indemnity' from me but not sure whether they'll accept that.

[wales01man]

Re: Endowment matured, Insurance company refusing to pay out

When we cashed an endowment we both had to sign and the cheque was made out in both our names cant see they do it different now,remember if you have a shortfall on a joint mortgage they chase each person for the whole amount not just their half or whatever sharem
The best advice may be to take legal advice from a solicitor

[leclerc]

Re: Endowment matured, Insurance company refusing to pay out

No, the divorce did not mention anything financially. We walked away from a flat we jointly owned, handed the keys back to the building society and went our separate ways. Yes, the endowment was linked to a mortgage, the Building Society have recently confirmed they have no claim on it anymore.

I've only spoken to the customer services team at the Insurance company who just keep repeating that they're trying to track her down, and that they can't do anymore. Not very helpful at all. I've given them an address of her family and they've written to her there but had no response from her. I've asked them to send me copies of the policy and conditions, think I'm going to write to their legal dept and ask whether they'll accept a 'deed of indemnity' from me but not sure whether they'll accept that.

I think this is a very unlucky situation to be in. It might be worth you contacting her family and be straight with them and state that an endowment policy has matured and that both signatures are required and that she is in line for a 3k windfall because that is a decent amount of money and effectively she will be better off as a result and ultimately it will end the communication. I would probably give the details of the endowmnent provider so that she can give consent to it being split as you can do separately to the company.

[enquirer]

Re: Endowment matured, Insurance company refusing to pay out

... think I'm going to write to their legal dept and ask whether they'll accept a 'deed of indemnity' from me but not sure whether they'll accept that.

Indemnify who, and for what?

[bill55bill]

Re: Endowment matured, Insurance company refusing to pay out

Indemnify who, and for what?

The insurance company against any claim on my half eg I might have signed over my claim to the proceeds as part as a divorce settlement.

Anyway.....

I took the advice of people on here, bit the bullet and contacted her via Facebook.

She told me she'd been throwing their letters out thinking they were after her for defaulting on the mortgage 20+ years ago!

She now has all the info needed and will be contacting them tomorrow.

Am a happy bunny, thanks for the advice everyone!

[Bill-K]

Re: Endowment matured, Insurance company refusing to pay out

Bill - well done for 'wielding' the olive branch with such skill and sensitivity !!! I guess you can both now 'Take the money and run.'

"Mazeltov" - as they say.

[wales01man]

Re: Endowment matured, Insurance company refusing to pay out

See its Good to talkGood luck and enjoy the money

[bill55bill]

Re: Endowment matured, Insurance company refusing to pay out

Thanks both!