FORM TO CASH IN YOUR
ORDINARY BRANCH
OR ISA POLICY
Policy number

Life assured

Important – please read the whole document carefully
Any references to ‘the Company’ refers to the subsidiary company of the Phoenix Group with whom you are currently contracted. The subsidiary companies of the Phoenix Group are detailed in our company block at the end of this document.
We strongly recommend that you consult a financial adviser for professional guidance when considering what options you should take.
If you do not have a financial adviser you can find details of the advisers in your area on the IFA Promotion Ltd website at www.unbiased.co.uk. Please note that financial advisers may charge you for providing advice.
1. Alternatives to cashing in
There may be alternative options available to you which better suit your needs. Please refer to your policy document to check which options are available to you. Some examples are listed below.
• Cash in part of your policy – your policy may give you the facility to take a partial cash-in, or regular withdrawal option. This would allow you to release some of your capital now and leave the rest invested over the longer term.
• Reduce or stop your premium payments – your policy may give you the facility to stop paying premiums temporarily and take a ‘premium holiday’. You may be able to stop your premium payments completely and make your policy ‘paid up’. Or, you may be able to reduce your premium payments by reducing your existing level of life cover. This would allow you to reduce your outgoings, but still retain some of the benefits of your policy.
• Use your policy as security for a loan – you may be able to take out a loan with a third party, using your policy as security.
• Trade your policy – you may obtain a better value by trading (selling) your policy to a third party. To find a third party that may be interested in buying your policy you can contact the Association of Policy Market Makers
(www.apmm.co.uk).
2. Things to think about
• Your policy may be subject to cash-in penalties or market value reduction (MVR) – also known as market value adjustment (MVA) – in line with the policy conditions. Please contact us if you want to find out if cash-in penalties or a market value reduction applies to your policy.
• If you choose to fully cash in your policy you will lose any life cover and additional benefits provided by the policy. • Setting up a replacement policy with another provider may prove more expensive.
• If your policy is assigned or deposited as security for a loan or mortgage, it cannot be cashed in until we have received a deed of assignment or notice of release / reassignment from the lender.
• Under certain circumstances, the proceeds from your policy may result in a tax charge payable to H M Revenue
& Customs, known as a chargeable event. In such circumstances, we are obliged to provide you with information you may need to complete your tax return.
• If your policy qualifies for our Mortgage Endowment Promise, cashing in all or part, or trading your policy will make this Promise void.
• If your policy started before 14 March 1984 and you were given life assurance premium relief (LAPR) by the
Government, you will lose it.
• The value of your policy may be less than the premiums you have paid.
• If you cash in all or part of your policy it will not be possible to reinstate it.
• If you have a with-profits policy, the cash-in value will include any amount to which you are currently entitled in respect of the distribution of the Pearl with-profits estate.
• If you are cashing in an ISA Bonus Account and you have made payments into your ISA in the current tax year, you will not be able to take out a stocks and shares ISA with another ISA manager until the beginning of the next tax year.

3. What you need to do to cash in your policy
• Fully complete this cashing-in application form and ensure that it is signed by all policy