Cashing in your Bond/Life policy

How do I cash in my policy?

If you are thinking of completing a full or part cash in, firstly we recommend that you seek financial advice to ensure that this is the best thing for you.

Part cash in

You can cash-in in full or in part your bond. Please refer to your product literature or speak to your financial adviser to see if there will be any charges or tax implications for doing this.

If you haven’t got a financial adviser at the moment and you would like to speak to one you can find one at www.unbiased.co.uk.

How long will it take to pay the money?

It can take up to seven working days to pay out, although we aim to be as quick as possible. Saturdays, Sundays and bank holidays are not working days, so please take this into account if you are waiting for your money. There is no need to phone us during this time. We will contact you if there's a problem.

Do I need to cancel my direct debit instruction?

Full cash in only

No, you don't need to do anything. We will stop the Direct Debit when we deal with the claim. After this has happened no further payments will be taken from your bank account.

If you cancel your Direct Debit instruction before cashing in your policy you will get a letter from us asking you to set up a new Direct Debit. As the letter is automatic we can't stop this, so if you've already asked to cash in the policy you can ignore the letter.

Do I need to cancel my standing order?

Full cash in only

Yes, you need to cancel a standing order personally, as we can't do this for you. Please cancel your standing order direct with the bank once you've made your final payment.

What happens if you collect a payment after the policy has been cashed in?

Full cash-in only

Once the payment has cleared with us we will send it back to the bank account it came from. It takes 14 days for Direct Debit payments to clear with us. Payments made by standing order arrive as cleared funds and will be returned to you as quickly as possible.

Why do you ask for a daytime telephone number?

We will contact you to let you know what's outstanding or incomplete. If you don't respond within 30 days we'll assume that you don't want to cash in the policy anymore.

Can I fax my paperwork to you?

To help protect you and us from fraud, we don't accept claims by fax. You must send us notification and any other documents we ask for by post.

What happens if I don't send everything you ask for?

We will contact you to let you know what's outstanding or incomplete. If you don't respond within 30 days we'll assume that you don't want to cash in the policy anymore.

Who can you pay the cash in value to?

In line with anti-money laundering rules, we will only pay out to the following people or institutions: the grantees; assignees; trustees or any other legal owner of the policy; a solicitor registered with the Law Society or a financial institution regulated by the Financial Conduct Authority (FCA).

Will you let me know when you pay out the money?

Yes, on the day we pay out, we will send you a letter to confirm the details.

What should I do if my name has changed since I took out the policy?

There must be a clear link between the name in which your policy was held before you told us of your name change and the document you are providing as evidence of your new name.

To record your change of name, in accordance with anti-money laundering regulations, we need to see one of the below document(s).

Please read carefully any notes that apply to the document you intend to send.
DocumentAdditional notes
Current full signed PassportWe recommend you send a certified copy rather than the original document. Certification must be by a Solicitor, Independent Financial Adviser (IFA) or Bank Manager.
Resident Permit issued to EU Nationals by Home Office
Identity Card (EEA Members and Switzerland only)
Identity Card (Northern Ireland)
Current UK/EU Driving Licence with photoWe recommend you send a certified copy rather than the original document. Certification must be by a Solicitor, Independent Financial Adviser (IFA) or Bank Manager Photo type driving licences are valid for 10 years. If the expiry date at 4b on the card has past, the driving licence cannot be accepted as evidence of identity.
Change of Name DeedPlease send the original Deed We can only accept a Change of Name Deed where you have signed the deed in the presence of a Solicitor and the same Solicitor has witnessed your signature. If you did not sign the Deed in the presence of a Solicitor, we will need to see see a second document to confirm your new name.
Marriage certificatePlease provide the original document(s).
Certificate of registration of civil partnership
Decree Absolute
Certificate of dissolutions of a civil partnership
Birth certificate

Please send the appropriate documents with your policy number together with your signature to the address below. If you have changed your name, please provide your old and new signature.

Friends Life
PO Box 1550
Milford
Salisbury
Wiltshire
SP1 2TW

SPECIAL NOTE:

Because of the risk of important documents being lost or damaged in the post, we recommend you send any originals by Royal Mail's Special Delivery Next Day Service. We will return them in the same way.