When you make a claim we aim to provide a professional service and make sure all payments are made accurately and as quickly as possible.
Six to eight weeks before your policy matures, we will write to you to tell you the estimated maturity value of your policy and anything we need to make payment. We have to make sure we’re paying the right claim to the right person, for the right policy and so we need to check various documents to prove your entitlement to the policy proceeds. We assure you that the information we ask for is solely for this purpose and is an absolutely necessary part of the process. Ensuring we make correct payments protects both you and the rest of our policyholders.
While we always try to make payments as quickly as possible it sometimes takes time to gather all the information we need to enable us to pay a claim. You can help us speed up the process by providing the required information as soon as you are able. However, if you are unable to provide any of the required information, please let us know.
When will I receive my claim form?
We will send your claim form to you approximately four weeks before the maturity date. If you haven’t received it two weeks before the maturity date, please call us.
What do I do if I no longer have the loan or mortgage with the original lender that had the charge on my policy?
If your policy was taken out to repay a loan or mortgage and your lenders are the legal beneficiaries of your policy the claim form will be sent to them. If your policy is charged to a bank or building society we will ask if you no longer have a loan or mortgage with the lender, then contact them and obtain written confirmation of this, making a specific reference to your policy number. This written confirmation is often referred to as “letter of no further interest”. Once you have obtained this letter please send it to us as soon as possible. Once the charge is released, we will send claim forms direct to you. We will write to you to confirm that we have sent the claim form to them.
What information do you need from me?
We will always ask you to send the original policy document with your completed claim form. If you can’t find the original policy document check with your lender or any solicitor you may have dealt with as they may be holding it for you.
If you have changed your name since taking out the policy and haven’t already provided us with proof of this, we will ask you to provide evidence of the name change, for example an official copy of your marriage certificate or Deed Poll Certificate.
If your signature has changed since taking out the policy, you’ll also need to send us a copy of your passport or UK driving licence. We only need a copy so please don’t send the originals. If we are unable to match your current signature to either of these documents, we may need to request further evidence. If this is the case we will contact you as soon as possible to minimise the delay to your claim.
When do I find out how much I’ll receive?
The claim form will include an illustration of the maturity value for information. We’ll send you a letter following the maturity date, telling you the final maturity value. Unfortunately, we’re unable to send you the final value in advance and some unit-linked contract values won’t be available to us until the working day following the maturity value.
When will I receive my payment?
This largely depends on how quickly we receive the information we need to process your payment. In some cases, if we get everything well ahead of the maturity date, the payment could be paid into your bank account on the maturity date. For some types of policy, we have to wait until after the maturity date to commence processing your payment, which will be paid within ten working days.
What happens if the proceeds of my policy isn't enough to pay off my mortgage/loan?
If your policy is charged to a bank or building society, we will send the maturity payment direct to them. If the payment amount is different to the outstanding loan or mortgage amount, we expect your lender to contact you direct.
I originally took the policy out with a partner but we are now separated. How does that affect my claim?
If you’re both entitled to the policy proceeds both of you will need to complete the claim form. We may need to ask both of you to send documents to us to confirm your identity. (Delete the text you have typed at the end of that section.
If you don’t have a joint bank account, you should provide the name, sort code and account number for both of the individual accounts on the claim form and we will split the payment equally. We may need to ask both of you to send documents to us to confirm your identity. If you have already agreed who is entitled to the proceeds as part of a formal separation agreement you will need to send the Deed of Assignment to us with the completed claim form. We will then make the payment in accordance with the Deed of Assignment.
Should I cancel my payment instruction or will it happen automatically?
As you pay by direct debit you don’t need to take any action as we will cancel it as part of the maturity process. If you pay by standing order you will need to instruct your bank to cancel it. Please remember not to do it before the final payment is made as this will affect your final maturity value.