Farra is a death administration assistant for UK families. Get step-by-step guidance for registering a death, applying for probate, notifying banks, and managing bereavement admin. From essential documents to practical checklists, Farra simplifies estate paperwork and funeral-related tasks so you can focus on what matters.
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When the holder of an endowment policy dies, the policy pays out its sum assured (plus any accumulated bonuses, in the case of with-profits policies) to the estate or nominated beneficiaries. The executor must trace the insurer, provide the death certificate and policy documents, and submit a claim. Payout proceeds form part of the estate and are subject to Inheritance Tax unless the policy was written in trust.
Endowment policies were extremely popular in the UK from the 1970s through to the 1990s, often taken out alongside mortgages to repay the loan at the end of the term. Millions of older policyholders still hold these policies, and many executors encounter them when administering an estate — sometimes without fully understanding what they are or how to claim.
Not all endowment policies work the same way. The type of policy determines how the death benefit is calculated:
Check the original policy documents to identify the type. The schedule page at the front of the policy will state the sum assured, policy type, term start date, and term end date.
The UK insurance industry has undergone significant consolidation over the past 30 years. Many well-known endowment providers — including Norwich Union, Commercial Union, CGU, Equitable Life, Scottish Amicable, and others — have been merged, acquired, or rebranded. If the policy was originally issued by a company that no longer exists under that name, you need to trace who now holds the liabilities.
The Association of British Insurers (ABI) operates a free Life & Pensions Tracing Service to help people find lost or forgotten insurance policies. You can submit a tracing request online at abi.org.uk or by post. The service searches across member insurers and will direct you to the current policy holder.
Common acquisition trails:
Once you have identified the insurer, contact their bereavement or claims team. Most insurers have a dedicated telephone line and some now accept online claims. You will typically need to provide:
Typical timescales from notification to payment are four to eight weeks, though complex cases (particularly with-profits policies where bonus calculations are required) may take longer. Ask the insurer to confirm their target timescale at the outset.
If the policy document is missing:
Do not delay the claim if you cannot find the original policy document. Contact the insurer directly — they hold records of all policies and can verify the policy from the deceased's name, date of birth, address, and policy number (if known). Insurers routinely process claims without original documents.
The tax treatment of endowment policy payouts on death depends on whether the policy was a qualifying policy (most older with-profits endowments) or a non-qualifying policy:
If there is any uncertainty about the tax position — particularly for non-qualifying policies or large payouts — seek advice from a tax professional or accountant before distributing the proceeds to beneficiaries.
If you have found evidence of an endowment policy (for example, a premium payment on old bank statements, or a reference to a policy in old correspondence) but cannot identify the insurer, the ABI Life & Pensions Tracing Service is the primary tool to use.
In addition to the ABI service, try the following:
How to claim a life insurance policy written in trust. Why it bypasses the estate and probate, the claim process, and common problems to watch for.
How to claim NS&I Premium Bonds after someone dies. Whether prizes are still paid, the NS&I claim process, and whether probate is required.
Can you close a fixed-rate savings account early when the account holder dies? Bank policies, documentation needed, and how to access funds.
Is the family liable for a deceased person's credit card debt? Who is responsible, how to notify the card company, and what happens to the balance.
Guide to stocks and shares ISAs after death. Tax-sheltered status, the Additional Permitted Subscription allowance for spouses, and the transfer process.
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