Endowment on separation

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

Thank you Rob for your reply, you have made it all a bit clearer for me.

YVW

Rob

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!