Settlement Options
Choices given to the owner or beneficiary of a life insurance policy regarding the method by which the insurer will pay the policy’s proceeds when the policy owner does not receive the benefits in one single payment. Typically, the owner can elect (1) to leave the proceeds with the insurer and earn a specified interest rate, (2) to have the proceeds paid in a series of instalments for a pre-selected period, (3) to have the proceeds paid in a pre-selected sum in a series of instalments for as long as the proceeds last, or (4) to have the insurer tie payment of the proceeds to the life expectancy of a named individual through a life annuity. Also known as optional modes of settlement. (See Life annuity)
Do you have old policies lying about? Perhaps it's a term or whole of life insurance, pension, endowment, bond or an annuity policy. Or do you receive statements for a policy which you are unsure about? Why not use Policy Detective to find the answers.
Which company now looks after your policy? Who can you contact about your policy? What do all those words and phrases on my policy document actually mean?
Policy Detective is a UK company for UK customers. We help you to track-down the Administrators for policies which you or your loved ones may have in the bureau or the attic. You never know how much money there could be in that old policy. It's not easy to find this information, as companies through time are taken-over, merge with other companies and even change their names. We can help you find the company which now deals with your policy. Some companies even allow us to check the status of your policy.
