1938 Penny Insurance Policy

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The Colonel

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Some on here might remember that my Mother died mid January and since then my Father has been sorting out various bits and pieces. He came across a penny insurance policy taken out by my Grandmother, who died in 1972, for my Mother in 1938, the year after my Mother was born.

It was with Royal London.

The premiums stopped being paid in 1972 and the document has been long forgotten about.

anyway my Father rang up Royal London last week and they indicated that there is a surrender value to be paid now that my Mother has died. I dont think its much but I'll be intrigued as to how much it actually is.

It also makes you wonder how many old insurance policies have perhaps been chucked away by people thinking that there was no value in them.
 


You can bet the companies make no effort whatsoever to track down beneficiaries of policies that are overdue (or likely to be) on payout
 
The Colonel said:
Some on here might remember that my Mother died mid January and since then my Father has been sorting out various bits and pieces. He came across a penny insurance policy taken out by my Grandmother, who died in 1972, for my Mother in 1938, the year after my Mother was born.

It was with Royal London.

The premiums stopped being paid in 1972 and the document has been long forgotten about.

anyway my Father rang up Royal London last week and they indicated that there is a surrender value to be paid now that my Mother has died. I dont think its much but I'll be intrigued as to how much it actually is.

It also makes you wonder how many old insurance policies have perhaps been chucked away by people thinking that there was no value in them.
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I was a Financial Adviser for the Co-Op for 8 years and used to deal with this type of policy all the time. You'll be amazed at what some of them are worth, particularly if they were from the 1930's considering the annual premium was 12p.
 
Shirley Shammel said:
I was a Financial Adviser for the Co-Op for 8 years and used to deal with this type of policy all the time. You'll be amazed at what some of them are worth, particularly if they were from the 1930's considering the annual premium was 12p.
Click to expand...
My Grandmother must obviously have paid into it for 34 years until her death and I'm assuming that although its been dormant for 40 years up until my Mothers death it will accrue something?

I'm sure, I'll quote the wrong figure, but there is something like £100m unaccounted for in UK building society savings accounts eg where someone has left say £3.67 in the account and forgotten about it.
 
Might even it self out by people who peg it and are in the red?

Makes you want to get loads of debt in your late 90's :-D
 
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