Another endowment surrender question!

MM2005

Anyone had experience of Foster and Cranfield? Got an offer through from them estimating I'd get an extra £750-£1000 on top of my surrender value if sold at public auction via them. Anyone?

MM2005

MM2005 wrote:

Anyone had experience of Foster and Cranfield? Got an offer through from them estimating I'd get an extra £750-£1000 on top of my surrender value if sold at public auction via them. Anyone?

Sorry to bump this - just thought it worth asking again if anyone had any experience of the firm above? Or on the public auction of endowments?

Kantankrus_Mare

I rang Standard Life to give me a figure on the two policies I have if I cashed them in.

One is a with profits.......... the other is unit linked.

They advised ringing a number to get quotes on selling the with profits policy which I did and they came back with a figure of approx. £250 higher than what Standard gave me.

Is it worth enquiring about the other policy and is it a lot of hassle and long waiting times to sell rather than surrender?

MM2005

Kantankrus_Mare wrote:

I rang Standard Life to give me a figure on the two policies I have if I cashed them in.

One is a with profits.......... the other is unit linked.

They advised ringing a number to get quotes on selling the with profits policy which I did and they came back with a figure of approx. £250 higher than what Standard gave me.

Is it worth enquiring about the other policy and is it a lot of hassle and long waiting times to sell rather than surrender?

I too have a With Profits and Unit Linked endowment. I submitted both for valuation with a view to selling. I used the TEP website first which gives an instant offer online (only £100 more than the surrender value for the With Profits and no offer for the Unit Linked). I then used the APMM website (whcih users 5-6 different companies). Foster and Cranfield sell your policy to a publich auction - they estimated I'd make between £500 and £750 on the surrender value at auction. I have since received an offer via e-mail from Surrenda-Link and they have offered me £862 more. I also have a letter from PolicyPlus asking me to call them with the highest offer and they will try and beat it. So, I will wait until the end of this week, see if there's any more offers and then give PP a call. This is all for the With Profits. No offer for the Unit Linked and I think this is because of very poor performance on these policies.

Try the APMM site as that has proved the most fruitful as far as gain on the surrender value goes. Good luck.

Kantankrus_Mare

Well........talk about fate!!

We have just this morning ben to Building society to see about changing our mortgage to repayment and were going to come straight home and surrender the policies with Standard Life when on the doormat we found another offer for the with profits policy from Surrenda Link.

£851

Bit different to the other paltry £250 we were offered so are going to take this offer.

Surrendered the unit linked policy and have set up joint life cover which wasnt as expensive as we expected so if all goes to plan, we should be a little better off than we expected.:beer:

MM2005

Kantankrus_Mare wrote:

Well........talk about fate!!

We have just this morning ben to Building society to see about changing our mortgage to repayment and were going to come straight home and surrender the policies with Standard Life when on the doormat we found another offer for the with profits policy from Surrenda Link.

£851

Bit different to the other paltry £250 we were offered so are going to take this offer.

Surrendered the unit linked policy and have set up joint life cover which wasnt as expensive as we expected so if all goes to plan, we should be a little better off than we expected.:beer:

Ha, ha - nice one! Yep, it's amazing the difference between these offers isn't it? I am waiting on PolicyPlus to come back with an offer - will chase them later today. It'll either be them or Surrenda-Link. Certainly for those figures it's worth any hassle I think. Will be surrendering the Unit Linked one this afternoon too (when the missus gets in from work)!

Any recommendations on life assurance firms? Or is it best to use a comparison website for this?

Kantankrus_Mare

My first quote for £250 was with Policy Plus so I wouldnt hold your breath, but then your policy may be different to mine. Let me know how you get on as Id be interested to know.

Surrender Link seemed easier to use as well but as it hasn't all been completed yet so we will see.

Surrenda Link guaranteed the sale if we replied within 7 days but Policy plus had to wait for a buyer and I want a quick conclusion to this.

Concerning the life cover...........we asked with Nationwide when we were sorting out repayment mortgage to give us a quote just for a bench mark.

We havnt got a huge mortgage and wanted term assurance.

We are both non smokers, 39 years of age and in good health and they came back with a figure of £7.81 a month!!

Loads cheaper than I was expecting so we organised that there and then.

Obviously lots of different things affect the price you are charged and you may be better shopping around.

Good luck.

EdInvestor

Although in most cases the cost of replacement life cover will be low, it is sensible to organise this before surrendering an endowment, especially if you have any health issues which might cause refusal or a very high cost increase.

In some cases this has been the deciding factor in NOT surrendering an endowment.

MM2005

EdInvestor wrote:

Although in most cases the cost of replacement life cover will be low, it is sensible to organise this before surrendering an endowment, especially if you have any health issues which might cause refusal or a very high cost increase.

In some cases this has been the deciding factor in NOT surrendering an endowment.

Very good point. In our case we both have some life cover via work - not enough for the mortgage but enough to make it comfortable for either of us to carry on with one wage. I will look into topping this up separately as well.

On the PolicyPlus (to KM) - didn't realise they would have to have a buyer lined up. Puts me off totally. Will probably go with Surrenda-Link.

ginger_nuts

ok quick question .I have a standard life endowment (low cost )
surrender value £4600
Mature date 2016
Sum assured £5404 bonus £2532.54

should I cash it in and pay a lump off my mortgage .
Policy is costing £21.28 per month