Calling In A Policy

[Connemmara]

A helpful answer would be appreciated here big time.

My sister was paying her insurance broker (guy came round to the door) years and years ago (death policy) - then she was told she needed to pay by direct debit - since she has and still doesn't have a bank account of any sort - I paid it from 2003.

Anyway she has decided to cash it in and insurance people told her today on receiving a letter from her cancelling the policy - she would receive a cheque.

That is fair enough - my worry is that her name will be on the cheque (as the policy holder of course) and as she doesn't have a bank account - how will she get it cashed. Thanks for any advice.

[bookbinder]

She could open a bank account.

[albaqwerty]

she could ask them to make the cheque out to you.

[Mamyalynne]

I agree with bookbinder, take her along to your bank, they will guide her through opening an account.

Also remember to cancel the DD once she has officially cancelled the policy.

[Connemmara]

thanks guys for your answers.

[bednobs]

there are a couple of ways
1) open a bank account
2) go to one of those cheque cashing places
3) ask them to write the cheque in the name of someone who does ahve a bank account

[factor-fiction]

Has she had a quote, Conne, for how much she'd get back? Often the amounts are small compared to the premiums paid or the value one gets if the policy is left to run its full term.

[Connemmara]

factor fiction - yes she did get a quote and it is £1,500 less but she still wants to cash it - so it is her money she can do what she wants. Thanks for enquiring.