Guardian Financial Services

Luddite_2

In 1991 my parents opened a Double Benefit policy on my behalf with GFS.It cost £15 a month.Last year it accrued a bonus of £40.94.I can make much better use of £180 a year.Beer at least.Has anyone ever had,or even succesfully got out of one of these?

dunstonh

In 1991 my parents opened a Double Benefit policy on my behalf with GFS.It cost £15 a month.Last year it accrued a bonus of £40.94.I can make much better use of £180 a year.Beer at least.Has anyone ever had,or even succesfully got out of one of these?

Chances are that this plan has a guaranteed sum assured as well. That means it didnt just make £40.94.

I cannot recall coming across a policy of this name. However, if it's a whole of life assurance, then it's main goals are life cover and not savings. The savings element will be incremental to the sum assured. Often these are used as funeral expenses type plans. If its an endowment policy (and has a maturity date), then there will likely be a sum assured to which the bonuses are added to.

So, when looking at this £180, you cannot take the £40.94 in isolation as the overall benefit is likely to be more valuable that that.

Luddite_2

Thanks - I think I will try and contact the company and get them to explain it to me. The guarenteed sum is £4000

dunstonh

Ok, so the bonuses are added to that £4000. So, £4000 divided by 14 years is £285. So, this year, you would see that the policy has made £285 & £40.94 = £325.94