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Should I Cash In Endowment?
LFORDY
Posts: 7 Forumite
Thought I Would Try Again For Some Advice On A Popular Subject As Really Need To Make A Decision And Am Very Confused?
Our Endowment Policy,a Standard Life Home Policy For £63200 Has Been Running Since 1996 Costing Us £108.50 Per Month.todays Cash In Value Of £16300.projections Are Only £37000 At Low Rate For June 2021 When Due To End.
We Really Feel We Would Be Better To Take The Money And Run.we Cant Actually Pay Any Of Our Mortgage For The Next Three Years Because Of A Fixed Rate But If We Continue To Save The Monthly Payment Are We Better Off.
Please Help?
Our Endowment Policy,a Standard Life Home Policy For £63200 Has Been Running Since 1996 Costing Us £108.50 Per Month.todays Cash In Value Of £16300.projections Are Only £37000 At Low Rate For June 2021 When Due To End.
We Really Feel We Would Be Better To Take The Money And Run.we Cant Actually Pay Any Of Our Mortgage For The Next Three Years Because Of A Fixed Rate But If We Continue To Save The Monthly Payment Are We Better Off.
Please Help?
0
Comments
-
What are the rates used in the projections?
What is your mortgage promise value?
What is the current value?
Will you need replacement life cover (and possible CI cover)?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Hi
Rates Used In The Projections Are
Low £37300 Intermediate £45400 And High Rate £55200
Mortgage Promise Value Low Rate £35900 Intermediate £44300 High Rate £55000 (these Quotes Are From 2004 And Are The Only Ones I Have In The Paperwork)
Current Value £16300
We Would Need Replacement Life Cover (mortage £40000 12 Years Left) Thanks0 -
Please post full detaiuls about the policy
Provider
Guaranteed sum assured
Declared bonuses
Surrender value
Monthly premium
Maturity date
maturity forecasts
Interest rate payable on mortgage/estimated average return if money is in deposit account (%)Trying to keep it simple...
0 -
Standard Life Policy
Sum Assured £63500
No Declared Bonuses
Surrender Value £16300
Monthly Premium £108.50
Maturity Date June 2021
Maturity Forecasts Low £37000 Middle £44000 High £55000
Interest Rate On Mortgage 5.94% Until 20120 -
Answered on your other thread.Trying to keep it simple...0
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