Cash in an endowment policy

When can I cash in my policy?

Certain types of policies (long term savings/endowments) can be cash surrendered before the maturity date.

If your policy is due to mature, you don't need to do anything. Most policies will mature automatically, and we will send the maturity amount out to you by cheque (you should receive your cheque on or around the date your policy is set to mature). If we need any further information from you, or your policy is held in trust or is assigned, we will contact you or the trustee/assignees directly before we process the maturity.

If you want to speak to us regarding cashing your policy in early, please contact us on the following numbers:

If you took out a policy with Royal London (Before 2004), United Friendly or Refuge Assurance, please call:

  • 0345 050 2020

For plans taken out with CIS, please call:

  • 03456 057 777

For plans take out with Royal Liver, please call:

  • 0345 303 2511

For policies originally bought through Abbey National or Santander, please call:

  • 0345 741 3002

For plans taken out with Friends Life, Friends Provident or London & Manchester, please call:

  • 0345 602 9199
Vintage black telephone

What do you need to do?

You need to contact us on one of the numbers shown above, and we will send out a claim form. This needs to be completed and returned to us, along with your policy document. We will then process your claim once we have everything we need.

If your policy has been assigned, it means that rights to claiming on the policy have passed to someone else, for example a bank or building society. In this case, before you can cash it in we will need to contact the bank or building society to find out if they still have an interest on the proceeds of the policy, for example to pay off a mortgage.

What other options might I have instead of surrendering my policy?

Surrendering means cashing in your policy before it's maturity date (you will find this date on your policy documents).

Cashing in early may mean that you may get back less than you have paid into the policy. If you cash in a policy that includes life cover, the life cover will stop, so we won’t pay anything when the life assured dies. Before you decide to cash in your policy you should think about other options that you may have.

These depend on the terms and conditions of your particular policy but might include the following:

  • Sell your policy. If you have a with profits endowment or whole of life policy, you can get details of companies that buy and sell these by calling The Association of Policy Market Makers on 0345 833 0088 or visiting their website.
  • Stop paying your premium. If you keep your policy but stop paying the premium, we will pay less money when the policy ends than if you had continued to pay the premium.
  • Take a break from paying your premium. If you've fallen on hard times, you might be able to take a break from paying premiums until you're back on your feet and can continue paying as usual.
  • Reduce your premium. You may be able to lower your premium, and lower the monthly costs you pay in as a result.

For further information about the options available for your particular policy or cashing it in please contact us on the telephone numbers shown above.

While we can provide information, we cannot advise you what to do. If you are in any doubt as to what to do, you should contact a financial adviser for advice. If you do not have a financial adviser, you can get details of local financial advisers by visiting Unbiased.co.uk. Advisers may charge for providing such advice and should confirm any cost beforehand.