Is the endowment policy in joint names legal?

Hi there, As no reference was made to the endowment policy in your divorce, and the policy is in joint names, I am afraid your ex-wife is legally entitled to half of its value. Certainly you won’t be able to surrender it without your ex-wife’s consent, so you will need to contact her, and come to an agreement over the proceeds.

Do you have an endowment policy with your ex-wife?

I have an endowment policy in joint names with my ex-wife. When we divorced, the policy had no surrender value and so was not specifically mentioned in our divorce agreement. I subsequently re-married and continued to make payment towards this life policy which now has a surrender value.

Can a family law solicitor advise on an endowment policy?

Family law solicitors can advise their clients to look at all sensible options when evaluating existing endowment policies but it is up to the client to seek independent financial advice in order to reach their own decision. See our article on Financial Advisers

When to surrender an endowment policy in divorce?

Generally speaking if an endowment policy is less than 5 years old, surrendering the policy is usually the most sensible option, if the premiums cannot be maintained by either party.

What are the different types of endowment mortgages?

Types of endowment mortgages There are two main types of endowment policy – with profits and unit linked. The first has two bonuses, reversionary and terminal.

Where can I buy an endowment policy in the UK?

You can buy your policy from a life assurance company. Examples of providers for endowment policies (UK) include Aviva, Britannia, Canada Life, Legal & General, and LVE. There are many online guides to help you choose a provider. Before signing any forms, though, you should talk through your plan and options with an independent adviser.

Where does my former partner have a share in this endowment?

The property was in my sole name, as was the mortgage, although we did have a joint endowment policy. The relationship lasted a year, during which time I paid for the mortgage, the endowment premiums and pretty much everything else. He left, taking with him all the domestic items he had bought.

What are the different types of endowment funds?

Types of Endowment Funds. There are several types of endowment funds. Term endowment funds have a built-in stipulation that either part or all of the principal may be used only after a pre-established period of time has passed or until a specified event has occurred; the term depends on the wishes of the donor.

When does an endowment life insurance policy mature?

To begin, what exactly is an endowment policy? An endowment policy is a life insurance policy that matures after a specified amount of time, typically 10, 15, or 20 years after the policy was purchased, or after the insured individual reaches a certain age.

Is there such a thing as an unrestricted endowment?

There are also restricted and unrestricted endowments. The funds of the unrestricted variety may be used in any way the recipient chooses. Restricted endowment revenue may have limitations put in place by the donor to serve a specific purpose.

How can I remove my name from a joint mortgage?

Your ex-partner will almost certainly require your consent to remove you from the title deeds and/or mortgage. Usually after divorce or separation, one party applies for a transfer of equity to have the other removed from the title deeds, simultaneously enabling the lender to remove them from the mortgage.

Can a ex partner remove you from a title deed?

Your Ex-Partner Will Need to Take You Off the Title Deeds. As you cannot be named on the title deeds without also being on the mortgage, your ex-partner will need to have you removed from the title deeds first or at least at the same time that they have you removed from the mortgage.

Can my ex-partner remove my name from the mortgage without?

Your Ex-Partner Will Need to Take You Off the Title Deeds As you cannot be named on the title deeds without also being on the mortgage, your ex-partner will need to have you removed from the title deeds first or at least at the same time that they have you removed from the mortgage