Endowment with Friends Prov

whitmore_fan

Hi, I'm a bit concerned at the moment since I still have an endowment policy with Friends Prov (started 1994). It is no longer linked to my mortgage but I keep it as savings plan since it is better to run the course than try to cash it in. I have sort advice about claiming compensation but alas, it is too late.

My concern lies with the share value of Friends Prov, it appears to be dropping significantly and I keep hearing negative rummours about the health of the organisation. Is my endowment safe? Should I consider trying to cash it in now even though I only have 9 year to go? If Friends Prov colapsed would I lose everything?

Thanks
Ian

EdInvestor

whitmore_fan wrote: »

I keep it as savings plan since it is better to run the course than try to cash it in.

Who told you that?

My concern lies with the share value of Friends Prov, it appears to be dropping significantly and I keep hearing negative rummours about the health of the organisation. Is my endowment safe?

What is your e ndowment invested in?Is it invested in Friends provident shares?Or in the FP With profits fund? If the latter what is the FP With profits fund invested in?Any idea?

Should I consider trying to cash it in now even though I only have 9 year to go?

Possibly.Post some figures about the policy:

Guaranteed sum assured
Declared bonuses
Surrender value
Monthly premium
Maturity date
Maturity forecasts
Interest rate payable on mortgage

If Friends Prov colapsed would I lose everything?

No endowment policies are covered up to 90% of the guaranteed value if WP.If unit-linked they are ring fenced from the finances of the provider and are covered by the 48k investment limit.