have I got a unit-linked with profits policy?

tarantara

I have something called the 'Investment 10-to-20 Plan' taken out in 1996 with Scottish Provident, now with Phoenix. Final maturity date is 2016.
I would really appreciate some advice on a) what kind of scheme this is, and b) whether to surrender or hold on.
It contains 15 policies, apparently, with the option to elect for each or some of them 'maturing' at any time after the first 10 years.
The literature calls it a 'with-profits' scheme; there are bonuses declared each year, (have been 0% for the past 6 years), and there is a terminal bonus. Phoenix told me that the terminal bonus payable on schemes maturing this year is 9%.
But when I rang to ask about selling it, I was told it was unit-linked (or unitised - is that the same thing??) therefore unsaleable.
I gather from other treads that if it is unit-linked, then it will depend on stock market performance, and with 7 years to go, maybe it's worth holding on.
But if it all depends on bonuses, then I can't see it being worth holding on. If all I get at maturity is the assured value +existing bonuses plus 9% of that sum, then I will be worse off by £5 than payments made from now to maturity.

the figures:
Cash surrender value as at today - £12,810
Basic sum assured £15,000
Previous bonuses £2,647.50
Total premiums due up to maturity £6,300

Fund assets are 43% equities, 16% gilts, 27% fixed interest stocks, 14% cash.
Thanks in advance!

EdInvestor

Although they say this is a unitised with profits policy (a kind of hybrid between conventional WP and unit linked), if it has a basic sum assured and declared bonuses (adding up to a guaranteed value) then it resembles a conventional WP policy more than a unitised WP one.

In any case it is unlikely to be saleable,being with Phoenix, though you could try at www.apmm.org

I would also doubt that the TB will still be around when it matures.

How much is the monthly premium?

tarantara

Monthly premium is £75, ie £5 x 15 policies.