To cash in your policy you need to complete a cashing-in application form and return it to us (using the address below) with the policy document and any other relevant documentation.Please note that we will only accept cashing-in requests by post using the completed cashing-in form. You can download the form below. If you have any questions, they may be covered in the question and answer section at the bottom of this page.
Details of how to complete the sections are included on the form itself. In addition other useful information on this page includes:
We strongly recommend that you consult a Financial Adviser for professional guidance when considering what options you should take. If you do not have a Financial Adviser, please visit our How to – Locate a Financial Adviser section for more information. Please note that Financial Advisers may charge you for providing advice.
What documents/evidence we need to support your claim
The table below shows the documents you will need to send to us so that we can process your claim.
Documentary Evidence
Requirements
Completed Cashing-in Application Form
Fully complete this cashing-in application form and ensure that it is signed by all policy owners, including all Trustees, if applicable. Please note, if the policy was taken out for the benefit of a child and the child is now;
- less than 18 years old, we only require the signature of the Proposer
- over 18 years old, we only require the signature of the child
Marriage Certificate or Civil Partnership Certificate
If we have not already been advised of any change of name we will require the original Marriage Certificate or Civil Partnership Certificate. Photocopies are not acceptable.
Assignment
If the policy is being used as security for a loan or a mortgage we will need the discharged Deed of Assignment or Notice of Release / Reassignment from the lender.
Policy Document or Schedule
(if available)
If the Policy Document or Schedule is lost or destroyed please note this in the Declaration section of the cashing-in application form.
Deed Poll or Statutory Declaration
If you have changed your name (other than by Marriage or Civil Partnership) we will require the original or a certified copy of your Deed Poll or Statutory Declaration. Photocopies are not acceptable.
When we receive your request, any original documents will be copied and returned to you as soon as possible.
everything ready to send to the correct address. Please send all information to Surrender Team, The Pearl Centre, Lynch Wood, Peterborough, PE2 6FY.
Definition of Terms
Assignee
If you have assigned your policy to someone else (transferred it), the legal ownership of a policy has passed to them and they are called the 'assignee'. The assignment could be temporary and for a particular reason, for example, to secure a mortgage.
Beneficiaries
The people entitled to receive the money from the trustees of any trust attached to the policy.
Chargeable Event
Under certain circumstances, the proceeds from your policy may result in a tax charge payable to H M Revenue & Customs, known as a Chargeable Event. In such circumstances, the Company is obliged to provide you with information you may need to complete your tax return.
Life Assured
The person upon whose death the sum assured will be paid.
Proposer
This is the person who originally took out the policy.
Trust
A Trust is a way of arranging property for the benefit of other people without giving them full control over it. This may be done for reasons of convenience, for example where the beneficiaries are to be minor children or for reasons of protection, if the beneficiary is to be someone who is mentally incapable.
Trustees
The appointed Trustees are the people who hold the legal ownership of the Trust property, but cannot use it as their own personal property. The Trustees must use the Trust property for the benefit of the beneficiaries. The Trustees will be the legal owners and will be the people entitled to make the claim under the policy. The Trustees have the duty to make sure that the proceeds are paid to the named beneficiaries, or managed on their behalf.
Trust Deed
The Trust Deed is a legal document which creates the Trust, and transfers the legal ownership of the policy to the Trustees to hold subject to the terms of the Trust.
Questions and Answers
What address do I send the cashing-in application form to?
Please send your form to: Surrender Team, The Pearl Centre, Lynch Wood, Peterborough, PE2 6FY.
Why do you request documents and certificates?
We generally request documents and certificates for two purposes:
To provide us with evidence of a fact, an event, or an individual's authority - for example a date of birth, an assignment, creation of a Trust, marriage, civil partnership, change of name or death, power of attorney, court of protection order, grant of probate. We ask for this evidence so that we can update or change our records or check that a request or a claim is valid.
To verify the identity and address of an individual - either for anti-fraud purposes (i.e. before we accept money from them or make payments to them) or before responding to a Subject Access Request.
Do I have to send the original documents?
Marriage Certificate - we must see the original certificate.
Civil Partnership Certificate - we must see the original certificate.
Deed of Assignment - we must see the original or a certified copy if the assignment is to an individual (e.g. Absolute Assignment or Traded Endowment Policy).
Deed of Assignment - we can accept a photocopy if the assignment is to a bank or building society.
Deed of Trust - we must see the original or a certified copy.
Power of Attorney / Court of Protection Order - we must see the original or a certified copy. It is a legal requirement that each page of a copy Power of Attorney is certified individually.
Change of name Deed Poll or Statutory Declaration - we must see the orginal document or a certified copy.
The policy owner married outside of the UK. What type of Marriage Certificate do you require?
We will need to see the original marriage certificate. This will need to be translated into English where required.
Why do you require the original documentation (where stated)?
In accordance with The Office of Public Sector Information (previously Her Majesty's Stationery Office) guidance, and to ensure we do not infringe, or cause you to infringe, Crown Copyright we must request original Birth, Death, Marriage or Civil Partnership Certificates. We will always return your original documentation.
Will you return photocopies of documents sent to you?
Yes, we can do this as long as you specifically request this in your letter.
How long will it take for the claim to be paid?
Payment will made as soon as possible, but could take 10-15 working days from the date of receipt of all of our requirements.
I think the policy was used as security for a mortgage - how will this affect the claim?
If your policy is assigned or deposited as security for a loan or mortgage, it cannot be cashed-in until we have received the discharged Deed of Assignment or Notice of Release / Reassignment from the lender.
Who are HMRC?
Her Majesty's Revenue and Customs (HMRC) is the new organisation which has taken over responsibilities from the Inland Revenue.
If you have a question that does not appear above, please contact us. You can find ways of getting in touch with us in our contact us section.
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