Surrender endowment ... or not?

TRF

Hi, advice?

I have a Scottish Widows endowment, due to mature Sept 2011. This is no longer related to a mortgage.

Basic sum assured is £9,178
Bonuses £6,116.90 @ 31.12.07
Premium per month £37.34
Surrender value from Scottish Widows: £16,583

Best offer from member of Assoc of Policy Market Makers is £17,080.

I wonder if you get the best quote from the members of the !!! of Policy Market Makers? They know the providers surrender value, so they know the minimum they can offer. How do they arrive at their offer of a surrender value? Is there a better avenue to explore?

Any advice on this market place? And the best decision for this specific policy?

Any help much appreciated.
Thanks
TRF

lowbrim

For what it is worth I have recently just had a policy mature from Scottish widows after 20years and the forecast when I took it out was £25k and it actually paid out £23k so given all the horror stories I thought that was no too bad.

Personally I would just keep it if you can afford too. You will get a better return on it than putting the money in a building society if you only have 3 years to go.

EdInvestor

TRF wrote: »

Is there a better avenue to explore?

No.Those are all the TEP traders.

Please post the maturity projections for the policy and also the interest rate payable on your mortgage (it doesn't matter that the endowment isn't linked).

TRF

Projected final amounts:

@ 4%: £19,200
@ 5%: £19,800
@ 6%: £20,400

Original mortgage was £26,000, but I no longer have this mortgage.

Huge, huge thanks, your comments are really appreciated ... whoever you are! Thank you, thank you!
TRF

EdInvestor

Do you have a mortgage of any description?If so what interest rate are you paying on it?

TRF

No mortgage. Thanks Ed, really appreciated.