Please help im confused

mollymania

i need some advice i have an endowment policy but its not mortgage linked. we took out a junior bond 4 yrs ago for our daughter and its a unit linked endowment policy i was wondering if this could have been mis sold and should i cash it in and move it elsewhere?

koexelek

Whether it was mis sold or not depends on what you were told it would do when you took it out ?

If you were told it would never decrease in value and definitely give you a set amount at maturity , you might have a case.

If it was sold to you as a savings plan, where you purchase unites which can go up and down in value, you would not have much of a case.

These sort of policies often take a while to get going, as they are usuually front en loaded with charges and commission, so it is not that unusual if it is not doing fantastically after 4 years.
Depends how long it is set up for. If it's a 20 year plan, it is difficult to judge it's progress after 4 years.
Surrendering could be a bit like tearing up the betting slip in a horse race because your horse is behind after the first furlong.
However, if you are happy with the current surrender value, you could cut your losses.

It is difficult to comment though, without knowing where the premiums are actually being invested.

Probably best to speak to the people who sold it to you for specific advice

mollymania

Thanks for that just want to make sure my daughter getting best out of our investment. its being invested into soverign vi series 1 if that makes any sense to you cos it totally all over my head!:o policy was set up for 18 yrs

koexelek

Sorry, don't know anything about that fund, so would not want to offer any advice.
Best to speak to the adviser/company you purchased it from