Endowment Policy Payout

[Kathyan]

We make the last payment on 1st August this year, when should we expect to be paid?

[fiction-factory]

The policy should be dated. If it's a monthly payment all we can say without the maturity date is that it should be sometime in August

[Kathyan]

The date on the policy is 27th September 2015, but as it was taken out on the 27th September 1991 I would have thought that the payment would be due in August.

[ubasses]

Not necessarily, depending on the type of endowment there may be terminal bonuses to add. Ours meant waiting another month. However the date should be somewhere in your documents and they will write to you nearer the time giving you all the information you will need. I am making the assumption that this is not for a mortgage in which case the funds will be paid directly to the Mortgage Company and you will receive any funds that remain after repayment of the debt

[fiction-factory]

If the life policy runs to 29 September I don't see why it would pay up before the end of the term. Having said that I'm not sure why there isn't a premium payment due on 1st September

[Kathyan]

It isn't for the mortgage, we changed to a repayment mortgage when we found out that there would be a shortfall. We changed the payment date of the policy to the first of the month about three years ago. I suppose we'll just have to wait and see.

[whiskeryron]

Whatever you do Kath, do not cancel direct debit ( if that's how you are paying) until all has been settled.

[fiction-factory]

We had a couple of these. One paid out a couple of days before the maturity date, the other paid out exactly on it. The payments were made electronically.

[ubasses]

When you changed from endowment mortgage to repayment did you get the policy re-assigned, if not they will send the funds to the Bank and they may take a few days to sort it out.

[Kathyan]

Thanks ubasses, as far as I know we didn't (something we never thought about!) but I'll get Mr K onto it tomorrow.