My parents paid into life assurance policies for themselves from about 1946, for their children as they were born and for my maternal grandmother (a widow) and one of my mother's sisters who had poor health from childhood.
What provoked this question is that I came across the policies and payment books whilst decluttering my home and was struck by how expensive this was on a young couple starting out in life with young children.
Apart from some funeral expenses for my grandmother and maternal aunt who died in the early 1970's none of these policies were cashed in. My parents were paying in from 1946. Presumably they fell into arrears and hence into abeyance as my mother had Alzheimers in her final years. As they had 'lapsed' by the time of deaths of various family members for whom the policies were held there were no payouts.
This is probably typical of most families. I wondered what is the point of this kind of 'assurance' and who benefits from all the unclaimed funds?
What provoked this question is that I came across the policies and payment books whilst decluttering my home and was struck by how expensive this was on a young couple starting out in life with young children.
Apart from some funeral expenses for my grandmother and maternal aunt who died in the early 1970's none of these policies were cashed in. My parents were paying in from 1946. Presumably they fell into arrears and hence into abeyance as my mother had Alzheimers in her final years. As they had 'lapsed' by the time of deaths of various family members for whom the policies were held there were no payouts.
This is probably typical of most families. I wondered what is the point of this kind of 'assurance' and who benefits from all the unclaimed funds?