CGNU Endowment Policy - Do I keep or sell

nigelm187

Hi All,

I have an endowment policy which I initially took out to cover my interest-only mortgage (£39000) back in 1995. It was taken out with General Accident. Over the years, it became a CGNU policy, and now is a Norwich Union policy. When I moved house, I shifted everything to a repayment mortgage, so just kept it going as a savings vehicle.

I have considered cashing it in for a while, but kept hesitating, waiting for the rise which never came, and then tempted by the reattribution bonuses which sort of came and then didn't - nice move Norwich Union!!

So, I decided to speak to an IFA who has recommended that I sell it. He said the fall in the market doesn't really affect it as the bonuses applied are still included in the surrender value

My questions are:

1. Is this the right time to surrender or sell
2. Is there ever a right time.
3. I have an offset mortgage. Is it just worth just cutting my losses and getting rid of the endowment to put the money against the mortgage.
4. Is this the right sort of endowment policy to put out on the open market.

Regards

Nigel.