endowment query

john.xs

please can anyone help with query re s.l endowment.
i am currently in line to get circa 12k in 2011 when endowment is due up.
this is well down on predicted 19k for paying off my mortgage.
fortunately i am lucky enough to have paid my mortgage off.
will the money i am due to recieve be taxed as it is now not going to mortgage and is effectively a saving plan?
secondly has anyone any views on whether it is worth cashing policy in now with only three years left as the guaranteed minimum sum has been falling over recent years.i know there may be a possible final bonus if left until term but was wondering if anyone had cashed one in recently thinks it is worth leaving it or to cash in now and not throw any more good money after bad!
i am not desprately in need of money at present i must add.
regards in advance,john

kborom

I don't think the value is taxed as your premiums are net in the first place, unlike a pension for example.

As regards cashing in, I have just been checking my situation and added the outstanding premiums to the current surrender value to see if the final amount quoted was greater. One is with-profits and the final guaranteed sum is still more than the above total, the other is part unit linked and the lowest estimate (4%) is quite a bit more than the surrender value plus future premiums.

You need to get more information on these really, and establish what sort of plan it is.

Hope this helps!