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Maturity claims
When an endowment policy matures there is a maturity claim which is usually initiated by the life office.
The life office will usually write to the policyholder and the letter is likely to cover the following points,
- Remind the life insurance policyholder of the maturity date;
- State the amount payable;
- List the requirements for payment;
- Enclose the relevant form of discharge.
Many life offices have programmed their computer systems to produce these letters a few weeks before the actual maturity date. The aim is to receive all the documents before the maturity date, so that the cheque can be issued to the policyholder so that he receives it on the maturity date.
The life office will need a discharge form signed, using their format, and it is important that the person who signs this form has legal title to the life policy so that can give a good discharge.
The discharge form will usually have a place for a witness to attest that the person signing the form is who he says he is.
The life policy it’s self will be proof of title so long as it has never been assigned and the claimant is the insured. If the policy has been assigned then the relevant deeds of assignment will have to be produced.
For a policy under trust the following will also have to be produced.
- The deed of appointment as trustees (unless the policy was set up under the Married Women’s property Act),
- Appointment of new trustees deeds if applicable,
- Retirement of trustees deeds if applicable,
- The death certificate of any trustee who has died.
The life office must deal with the person who has the legal power to sue and enforce rights under the life policy. Even if that person will not be the ultimate beneficiary under the trust. For example if the life policy is mortgaged the life policy must pay the mortgagee even if the amount of debt owed to him is less than the sum insured under the policy. Where the policy is under trust the life office must get a discharge from the trustees as they have the legal interest in the policy.