An endowment question

Treading_Water

I wonder if anyone can help with advice please.

My partner and I took out an endowment policy when we bought our house 13 years ago. (We hadn't planned to but were talked into it by a very good salesman!)
Anyway we have recently talked about cancelling the endowment, as of course it is underperforming, and I have looked into various options including overpaying the mortgage.
My problem is that as I am soon to be 50 and he is soon to be 60, an insurance policy to cover us both would seem to work out very expensive, so I am tempted to leave the endowment alone and consider it as just an insurance policy with a bit of a payout at the end.
Fortutely we do have other investments so could cope with a shortfall when the time comes.

If you got this far, thanks for reading.

dunstonh

as of course it is underperforming

Why "of course"? Many are not underperforming. Others are performing on target to how they were set up but are just falling short on the projections being issued mid term. Projections alone are not a good way to see if an endowment is falling short or not.

We need to know more about the endowment before we can really comment. What are the figures? how is it invested? are their alternative investment options? how much is the cost difference in switching over fully to repayment (including life cover on the difference)? are there any mortgage endowment promise/offers available (Pearl, Std Life and Aviva mainly)?

Treading_Water

Thanks for replying Dunstonh

The endowment was set up to return £60,000 after 25 years. It is invested with Scottish Widows and is a unitised investment plan. Cost = £112 per month including joint life cover.The current best projection gives us £34900 at maturity, only just beating what we will have paid into it. This we are prepared to go with taking the life cover into account, but i am wondering of we would be better off with seperate life cover and overpaying the mortgage (or investing elsewhere).As for the rest, I will need to investigate further I'm afraid. I have been a bit lazy and content to let things run.