I suppose simply put, am I entitled to an endowment policy pay out where I am named as a beneficary but have not contributed any funds. Thank you. Lee
Is the other policy owner still alive? E x wife? We need full background please because the facts appear to be incomplete. Thanks
Yes the other policy holder is alive (ex girlfriend) and her solicitors have sent me a deed of assignment to sign giving up all rights to the policy. Thanks Lee
Thanks. How much did she pay in, how much did you pay in? Over how long?
25 year policy, I only contributed for one year, and in cash so no proof of any contributions. Thanks Lee .
You may entitled tosomething. Your contributions were in for 25 years whereas her contributionswere in for 25 years, going down to literally, the premium that was paid lastmonth.
Assuming that shecontinued to pay during the whole course of the policy and did not stop payingat the end of the first year, and assuming that you paid 50% each for thatfirst year, it becomes a very complicated actuarial calculation as to what youshould each get from the policy. The cost of getting an actuary to evaluatewill probably be more than you are going to be arguing over.
Assuming all sothat there is no dispute that you did indeed contribute towards the policy thenif you contributed jointly in the first year, you contributed 1/50 of thepremiums but your 50th was in for the full period whereas her 49/50was in for the whole period. My estimation therefore is that you are entitledprobably to about 2 or 3/50ths of the proceeds.
If I was acting foryour ex girlfriend however I would point out that in the first year of thepolicy, all the contributions go towards setup costs and broker and salesmencommissions and therefore you are entitled to nothing. There is therefore anargument to be had but, as I said earlier, the cost of arguing is actually morethan you will be arguing over.
My suggestion wouldbe to write back to the solicitors and tell them that provided they will giveyou proof that your ex has paid the premiums from when you split up until now,and provided they give you an undertaking (there are undertaking, not her undertaking)to give you some money when the policy is encash, you will sign the form. Tellthem you have done some very rough calculations based on that, you estimatethat you are entitled to 1/25 of the proceeds based upon your first yearcontributions. That you will let them have the signed document provided theygive you the undertaking to pay you that sum, (not when they receive it but)within 14 days of the policy being cashed in whether the refunds are receivedby them or their client directly.
See what they comeback with.
Doesthat answer the question? Can I help further? Can I answer any specific points?
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