Standard Life Insurance? Part 2.

This blog is the sequel to the post I wrote last month about my investigation into a dripping tap of wasted money that I have  been paying out for over 40 years !   (You can find it by clicking on February 2020 in the Archive —— just in case anyone reads this in the cloud in 40 years time and can’t speak to a wonderful Scottish lady called Ellen who assisted me in my search for the lost policy)

The story began in 1972 when I wanted to pay for a deposit on my first house,.    I had not got a house, but if you wanted to buy one at an auction you had to cough up 10% of the money straight away and pay the balance in 28 days.   As a poorly paid, still yet to qualify, long-haired architect in Nottingham I was seen as quite a risk by the bank manager when I asked him for the huge sum of £3000 !     I didn’t have a mask or a gun, but you would think I was holding up his West Bridgeford branch of the NatWest bank.    No alarm bells rang, but he sent me packing with an instruction to “ Get yourself £3000 of life insurance as security,  before I can lend you a penny !”     I must admit I had not intended to threaten the whole future of the banking industry with my reckless spending.    Who knows, I might have caused a run on the pound ?

So off I went to find a trusted friend, a stalwart of the insurance world.   Where else but in the club  house of  Old Nottinghamians Rugby Club.    People you could fall back on after a failed bank robbery😀     What better than a prop forward?    Although, John Ullyat was better at propping up the bar these days, when he wasn’t selling life insurance.

Now I’ve got it 💡   Thanks to that tight-fisted bank manager and my trusty prop forward friend that is how I finally secured my first house, with a £3,000 life insurance policy from Standard Life.    Phew!  That took a bit of remembering.

Forty seven years and 2345 payments of £2.68 pence  later the lovely lady from Standard Life tells me it is now worth  a vast fortune of £1,977 and 79 pence, if I wish to surrender it.    But, as a one-time attempted bank robber, I’m Butch Cassidy, or maybe The Sundance Kid and you’re not getting my money back.    I’m going to keep paying the £2.68 pence until I get my £3,000 life insurance or I’ll die doing it!

If my calculations are correct I should be robbing the bank or at least the Standard Life Insurance Company in just another 26 years ! 🤠

 

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2 Responses to Standard Life Insurance? Part 2.

  1. intrigue, and memories, in 1966 Molly and I were married, and bought our first house 3 bedroom semi, cost £2700, like you we had to jump hoops. The auction route was too dicey for \molly and I, and we went to a new estate, being builder of renown in the Leeds district, and his estate had a supporting building society {Now SANTANTER, But Not then?], it was a household name nationally that was respected [the name escapes me-senile dementia]. To Protect the mortgage we had to engage the wishes of the building society and buy as then a Mortgage Protection Policy, based upon life insurance-now the details- It was a life but not a whole life policy, and on a term for 25 years: however we wished the full mortgage protection, and after discussion and arealistic risk we decided to have a term life policy with a 25% payout on the completion of the 25 years term. It was an arm and a leg to Molly and I then, and at the end of the term and a few houses later [after my gypsy career in the British Marine Industry] a short holiday in Scarborough or should I say the seaside with the kids.
    The original Insurance salesman represented ‘THe Royal Insurance Company, or one of its offshoots’. This young man was a gent, young like Molly and I and for Johns Information played as a player for BRAMLEY RUGBY UNION CLUB, not the Ruby League side/team
    Does John appreciate the Rugby League game, with no ‘scrum downs? But Lots of passing the buck and kicking for touch- I must be careful they are men and not ”FARIES” what ever one may think of the game?????

  2. david freeman says:

    Bye the Bye, where has that long haired wretch of yesteryear gone too? Tubby stature or rotund surrounds? I just wonder of the image bald, greying at the eyebrows, clean shaven, glasses half cocked, and towel even a bath towel having a task covering those most gentle of appendages and bumps, as one enters and exits the ‘sauna’ or maybe the shower.
    Go gettem cowbow you can still look handsome in your stetson and cowboy boots, and maybe a tartan bath towel, like Tex Ritter or was it Roy Rogers, or are you just a plain ‘Hoppalog’ Cassidy??
    Yeah Ha!

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