Standard Life Endowment (Not Linked)

shamusdb

Hello All

I was sold an endowment back in 1987 and it was supposed to pay off my then mortgage of 35K. I sold the house after about 10years but kept the endowment on. I have recieved yet another statement showing a value of 10K along with the usual small print saying "shortfall this", "times running out" blar blar. I looked back through my records and have the original policy stating that an amount of 35K is ASSURED.

Q1 - Can i still complain about an endowment if its not linked to a mortgage?

Q2 - Does the word ASSURED mean I'm guaranteed the amount

Q3 - is it to late to complain full stop

many thanks
Shaun

EdInvestor

You could only claim on the basis of a loss incurred in the 10 years the endowment backed the mortgage, but over the 10 years up to 1998 it's highly unlikely you would have made a loss, as the markets performed well.

You are guaranteed at maturity if you keep paying premiums the basic sum assured plus the declared bonuses.This is not the same as the amount that would be paid out if you died.