The UK’s largest mutual life, pensions and investment company Royal London has reunited 36,000 customers with lost ‘penny policies’, holding a value of more than £14m.
The organisation revealed that it spent over £2m tracking down lost ‘penny policy’ customers, which are often a result of policyholders forgetting their policy exists. Royal London has worked closely with external tracing partners to support them in re-engaging with customers where, historically, policies were sold by door-to-door agents.
Commenting on the achievement, Royal London group operations director Jon Glen said: “Reuniting customers with money that is rightfully theirs is a priority for us. Many policyholders paid premiums for years but for various reasons have lost touch.
“Through our tracing programme we have successfully reunited thousands of customers with a total of £14 million in lost policies and we encourage anyone who thinks they may have had a policy with Royal London, or any of the historical brands we have acquired over the years, to get in touch with us.”
The firm added that, for those customers that have not yet been traced, the funds will “always be available for payment” when the policyholder either comes forward or is found.
Royal London has urged people to contact them if they recall setting up a policy many years ago, or if they remember an insurance salesman knocking on their door.
The key brands with lost policies are Royal London and United Friendly, Refuge Assurance and Royal Liver, all of which are now owned by Royal London.
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