The Endowment Diary

Digging for Dirt

I have finally drafted a letter, to my endowment policy company, which outlines my queries in respect of commission payments that may have been deducted from my two endowment policies.

I will post their response, as and when I receive one.

Here is an extract:

"..Dear Sir/Madam,

Endowment Policies (numbers **** and ****)

I have a number of queries concerning my two endowment policies (numbers **** and ***), which you manage on my behalf.

Please can you answer the following queries in respect of the above policies:

1. Please can you advise me as to how much commission has been paid to any third party, or connected party, at the time the policies were taken out?

2. Please can you advise me of the names of the companies to which commission payments have been made, in respect of these policies?

3. Please can you advise me if commission payments have been made, at dates other than at the commencement of the policies?

4. If so please can you quantify the amounts, the frequency and the organisations to which these additional commission payments have been/are being made?

5. Please can you advise me if the commission payments referred to in questions 1- 4 above were deducted directly from my policy payments, or have been charged indirectly?

6. If commission payments are still being made on my policies, please can you advise me as to why?

7. Do I have the right to stop these ongoing commission payments?

8. If I have the right to stop these ongoing commission payments, please can you explain as to why you have not drawn this to my attention before?

9. Please can you provide me with an estimate as to negative impact, on the final expected maturity value of my policies, which these payments have had?

Please feel free to contact me if you need clarification of the above.

Thank you in advance for your prompt co-operation.


Yours faithfully..."