Selling an endowment policy

slummymummyof3

We have just had a surrender value on our friends provident endowment - £12,281.43 - policy due to mature June 2016. It is a with profits policy which we pay just over £50 per month on. If investments grow at 4% per annum it is forecast to pay out £20,400.00 (£18,100.00 short of its target when we started the policy in 1991) - We cannot see the benefit in continuing with this policy. We do not need the life insurance it provides as we have ample cover elsewhere.

We are looking at selling this policy and repaying the capital on our mortgage and using the £50 to overpay the mortgage.

Does anyone have any information about selling an endowment rather than surrendering to the company?

Thanks in anticipation of your help guys!

EdInvestor

https://www.apmm.org

I'd be surprised if you got an offer though.

slummymummyof3

Why? Is it cos its that !!!!!!?

Any other ideas with what I should do with it? Is surrendering it the only other viable option?

EdInvestor

The traded endowment market is currently in very poor shape.

Surrender is the only real alternative.

slummymummyof3

Thank you....I was worried you were going to say that!

In my position, would you surrender or carry on paying the premium?