Endowment Confusion

loobs40

I have a 'Economy Low Cost Endowment' take out in 1990 with General Accident which over the years appears to have turned into a NOrwich UNion policy

Target Amount 40945.00
Basic Sum assured=13308
Existing Bonuses = 7567 (to end of Nov 2005)
Monthly premuim £58.90

Currently I am using it against my repayment mortgage, with a interest only part of £25000 (if that makes sense!) which I will use the endowment to pay off. I have a lot of equity in my house so I am not particularly worried about not having enough in the endowment at the moment

The endowment is significantly off track, but I have letters from the Norwich Union saying that provided investment earnings from 1999 to the maturity date of the policy(2015) do not fall below 6% after tax, then they will top up the plan by a max of £3545 at maturity by increasing the final bonus.

The annual bonuses for the last few years have been pitiful, £140 was the 2004 amount.

Is this top up promise worth the paper its written on or is it worth considering surrendering the policy ?

The policy is a With Profits fund, though I am not exactly sure what that measn

EdInvestor

What is the surrender value?