Worried about a policy I have assogned to a company I am not longer involved with. Can anyone help?

Question

I am the first to admit I have little knowledge of how insurance works. Approx 25 yrs ago we remortgaged our home. It was an endownment policy which was to give us a 'nest egg'. Like so many others this has not came to pass and the amount due to be paid out next month just gives us the sum required, plus £80. However, I now realise at some point I asisigned this policy to the company we had our mortgage with. About 6 yrs ago we changed to another Building Society. I have now the papers in as the amount is due to be paid out next month but it says it is assigned to the first company. I can't get in touch with anyone with the Easter hols and this is really worrying me. I have faithfully paid the policy for 25 yrs and naturally require the funds to pay off the mortgage. Where do I go from here? Any one answering with knowledge of such matters would be appreciated.

Answer 1

Once you assign a policy, it is owned by the asignee until the contractual obligations are fulfilled.

First, relax.  People tend to make poor decisions when they are Hungly, Angry, Lonely, or Tired.  (H.A.L.T.)  The holiday period will soon be over so you can contact people at the place holding the assignment.

Third (after attempting contact) is to write to the insurance company itself.  You may be able to work within the law to have the assignment released, unless you are Irish.

OK.  A little humor for a Brit.

Answer 2

Contact the endowment policy company .. when you changed Mortgage to a new Building Society, the policy should have been re-assigned to the new Society . .. looks they they have made a simple mistake ....