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Taking your money

Endowment Maturity Option

Taking your money

You might already have the money from your endowment earmarked for something, such as paying off your mortgage, for example.

How to take your money

Follow the steps within the Next steps section so that your money is paid directly into your account.

Once you've received your maturity pack, you need to:

Step 1 Complete the payment release form

Complete each section on the payment release form

Checklist
  • Section 1 – About you

    This section is asking for verification details for your account, please inform us of which verification method you have chosen to provide. Also, this is where you will need to provide account details.

  • Section 2 – About your policy

    This section explains that we require you to return the Original Policy Document. If this is not possible, please read Section 2 and then tick the box provided.

  • Section 3 – Your declaration

    This section requires you tick either box A, or box B in each sub-section.

    The first sub section is for use if you have been assigned the policy from a previous policy holder. If you have always been the policy holder on this plan tick box stating "never assigned".

    The second sub section is similar to the first, however instead of the policy having been owned by a previous person, this is in reference to the policy having been assigned to a bank/building society or company. If this policy has never been assigned to any of the above, tick the box labelled "the above policy is not currently assigned".

    The 3rd sub section is in relation to whether you, the policy holder, have ever been declared bankrupt - please tick the appropriate box.

    The forth sub section is for use if the policy has ever or is currently placed under trust. Please tick the appropriate box.

    The last part of section 3 requires the signature of all policy holders / trustees.

  • Section 4 - What happen next

    This is for information only and does not require completion.

Please ensure the below is all present and correct before returning the form to us:

  • Sign and date the form.
  • Make sure that all other involved parties sign and date the form.
  • Include all the documents we have asked to see.

Related frequently asked questions

What documentation do I need to send you?

Your original policy document

We ask you for the policy document as it helps us verify your claim to the money from the endowment. If you have lost the policy document, please read the indemnity wording in section 3 of the Payment Release form and sign the form.

Proof of your bank account

As we can only pay into an account belonging to the policyholder, we must see evidence of this even if we've been taking premiums from this account. We'll accept:

  • A blank cancelled cheque, (blank cheque with the word void written across it and a line diagonally across the width of the cheque)
  • A paying-in slip
  • A certificate of verification of identity from your financial adviser

Proof of your identity

If you live abroad, we will ask you for proof of your identity. We will accept one of these items:

  • A current passport
  • A current driving licence
  • A current national ID card
  • A current benefit book
  • A current tax year HMRC coding document

We'll also ask for:

  • A recent bank or building society statement
  • A recent utility bill
Why do you need to see proof of my identity?

Under current legislation, we must verify your identity before we pay out any money. This helps to protect against fraud and also makes sure that we only pay the person who is entitled to the money.

When will you pay out the money?

We will pay out your maturity money when your policy matures, assuming we have received all the documentation and proof of identity we have asked to see. In some instances, it may take three to five working days for a direct credit payment to your bank account to clear.

If your policy is held under trust, you should contact the trustees and ask them to sign the declaration in section 3 of the payment release form.

What happens if I don't return my form on time or documents are missing?

We can't release your money until we receive your instructions plus all the supporting evidence we ask for.

Step 2 Send us the form

  • Send the completed documents, along with your original policy documents, back to us in the prepaid envelope provided at least two weeks before your policy is due to mature. That way we can quickly sort out your money when your policy matures.

Contact us

For information call us on:

0800 953 1777

Monday to Friday
9am - 5pm

If you want financial advice, please contact your Financial Adviser. If you don't have a Financial Adviser you can find one via www.unbiased.co.uk.

WM65016 01/2015