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More Phoenix Life endowment woes
BugFriendlyGardener_2
Posts: 16 Forumite
I have a £40k endowment policy with Phoenix Life (policy ex- Britannia Life/ AlbaLife) held since 1993 for a basic sum assured of £16k with monthly premiums of £64.32 that has paid out £0.00 annual bonus since 2002. Existing bonuses from 1993 to 2001 totalled £2910. I have been reading other threads and those people at least appear to be getting some bonus...how come this polcy is SO bad.
With a current total sum assured plus bonus of £19054, i have just worked that my total premium payments will come to £19874 by the end of the policy. Am I right in thinking that if no more annual bonuses are added( as they are forecasting) AND then no final bomus is paid, I will have made a loss as well as not paying off my mortgage !!
Have just requested a surrender value and as policy runs until 2018 I think I too will be following surrender advice from other threads.
With a current total sum assured plus bonus of £19054, i have just worked that my total premium payments will come to £19874 by the end of the policy. Am I right in thinking that if no more annual bonuses are added( as they are forecasting) AND then no final bomus is paid, I will have made a loss as well as not paying off my mortgage !!
Have just requested a surrender value and as policy runs until 2018 I think I too will be following surrender advice from other threads.
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