Endowment on separation


J

Jayne

I separated 15 years ago from "common law husband" and since then have
been continuing to pay the endowment on what was our joint home. I have
three years to run but as the names were never changed I am beginning to
wonder what is going to happen when it comes to end of term. I want it
changed into my name so when the payment comes it will be come to me and
I can pay off the mortgage.
If I contact the endowment company are they likely to agree to changing
it to a single name? I would have my ex's permission to do whatever is best.
 
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R

Rob graham

Jayne said:
I separated 15 years ago from "common law husband" and since then have been
continuing to pay the endowment on what was our joint home. I have three
years to run but as the names were never changed I am beginning to wonder
what is going to happen when it comes to end of term. I want it changed
into my name so when the payment comes it will be come to me and I can pay
off the mortgage.
If I contact the endowment company are they likely to agree to changing it
to a single name? I would have my ex's permission to do whatever is best.
The best thing to do is to phone the company and ask them the precise route
you should take.

The first thing to know is, is the policy assigned to the lender? If it is,
then the payment on maturity or death will be made to them, who should pass
on any excess to you.

I strongly suspect the insurer will want a letter signed by both of you
requesting that they place the ownership of the policy in your name only
(ownership is not the same as being the insured person, incidentally. You
can be the owner of a policy which insures another person's life). This will
then mean that on maturity or death any excess money would go to your
estate. I doubt if there is any good reason to remove your partner from
being an insured person, albeit he can cease have any rights to the money.

Rob Graham
 
J

Jayne

Rob said:
The best thing to do is to phone the company and ask them the precise route
you should take.

The first thing to know is, is the policy assigned to the lender? If it is,
then the payment on maturity or death will be made to them, who should pass
on any excess to you.

I strongly suspect the insurer will want a letter signed by both of you
requesting that they place the ownership of the policy in your name only
(ownership is not the same as being the insured person, incidentally. You
can be the owner of a policy which insures another person's life). This will
then mean that on maturity or death any excess money would go to your
estate. I doubt if there is any good reason to remove your partner from
being an insured person, albeit he can cease have any rights to the money.
Thank you Rob for your reply, you have made it all a bit clearer for me.
 
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M

Matt Robertson

Jayne said:
Thank you Rob for your reply, you have made it all a bit clearer for me.
As Rob said, you will need to check to see if it's assigned to a lender, if
it's not (or once they have released their charge) ask the endowment company
to send you a 'deed of assignment' which is the form that you and ex will
need to sign to get the policy assigned to you.

Also as Rob points out, ex will remain a life assured, so the policy would
pay out the death value if he passed away, but I'm not suggesting anything
there!
 

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