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Standard life endowment
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benmacdui
Posts: 8 Forumite
Hi,
I have a Standard Life endowment policy (50% with profits). It was taken out in 1995 with an aim to reach £35K in 25 years (liitle chance of that I think). The property I took it out to pay for has long gone and I don't really need the policy but I kept it going as part of overall savings plan. I recovered a some cash through a claim when when the shortfalls were highlighted a several years ago. The policy value is currently £11,243 (Sept 2008 - may be less now?)
Question:
Has anyone any advice on whether this policy is worth holding onto and if not, how can I sell it on?
Any advice appreciated.
Thanks.
I have a Standard Life endowment policy (50% with profits). It was taken out in 1995 with an aim to reach £35K in 25 years (liitle chance of that I think). The property I took it out to pay for has long gone and I don't really need the policy but I kept it going as part of overall savings plan. I recovered a some cash through a claim when when the shortfalls were highlighted a several years ago. The policy value is currently £11,243 (Sept 2008 - may be less now?)
Question:
Has anyone any advice on whether this policy is worth holding onto and if not, how can I sell it on?
Any advice appreciated.
Thanks.
0
Comments
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You can't sell it, you would have to surrender it as it's 50% unit linked.May be worth waiting for a bit as the unit linked part could recover value quite quickly along with improving markets.Suggest you monitor performance and value for a while and surrender on improved performance later.Trying to keep it simple...
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you should investigate the fund options available to you. Its quite possible that it may not hit short if the usual unit linked fund range is available and utilised. Unlikely to be the case if you stay in the SL With Profits fund though. There may be a mortgage promise value attached to it as well which isnt included in any projections.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
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I have one with them which is very similar. II have decided to hold on to it till maturity. No point going now, the worst has happened, it can only get better.0
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Many thanks for all the Advice!
BenmacduiEdInvestor wrote: »You can't sell it, you would have to surrender it as it's 50% unit linked.May be worth waiting for a bit as the unit linked part could recover value quite quickly along with improving markets.Suggest you monitor performance and value for a while and surrender on improved performance later.0 -
I have one with them which is very similar. II have decided to hold on to it till maturity. No point going now, the worst has happened, it can only get better.
That's brave (or foolish).
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0
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