Life Assurance

[PurpleParis]

Could someone please tell me who gets the money when a 'with profits policy' matures.The letter is addressed to the adult son but under 'life assured' it has his mothers name? The accompanying letter seems to want both of their signatures but it has a space where they want you to put the name you want the cheque making out to.

[Dodger666]

If they are asking you to put the name of who you want the cheque making out to then you have answered your own question.

[factor-fiction]

Reading between the lines, is there a dispute about who should get the money?

[themas]

Who are the beneficiaries under the policy? It must be more than one person, as if it was only one they would insist on the payment going to that person. If there are 2 beneficiaries it is up to them to decide who should receive the payment (or to ask for it to be split if they wish).

[PurpleParis]

Well this is the surprising thing it doesn't actually mention the word beneficiary...but it does mention 'life assured'...
Dispute??? no not really but my step mum originally paid the money in for her son but they are now estranged and as it has her name as 'life assured' we wondered if maybe she had done it wonrg anyway!

[Peter Pedant]

Hi Babies

would it be helpful to say that insurance policies - someone gets money when someone dies,
can be assigned.

Olds who have bought houses in the old days will know all about assigning mortgages and so on

The fun bit, is that if you die and you assign your policy - that is you HAVE previously before death assigned your policy to lets say, Miss Whiplash, then she gets the money and it is enforced outside the will -

so basically what has clearly happened on the facts given

is that there is a life policy on Mum and it has been assigned to the son.

Anyone can pay the cheque for the premium.

[themas]

I think Peter misunderstands what has happened. I think this is an endowment policy which has matured (not that the "life assured" has died) & that it is the matured payout which is in question.

The mother is the "life assured" - i.e. the policy would have paid out if she had died before it matured. That does not mean she is the beneficiary. If it was taken out for the son then presumably he is the beneficiary & should receive the payout. But if there is any doubt they should check with the insurer before signing the form.