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Endowment policy is it worth keeping?? Financial advice Please.
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Terminates 2016 guaranteed sum on maturity 10,890.00
2.75% = £14.300
4.25% = £15.200
Hi BrumTina
If you surrendered the policy and then put the lump sum on deposit @3% (or contributed it to reduce the partners mortgage) then your return would be £10,984 at maturity, a bit more than the guaranteed amount, but without paying the premiums. Ideally you should use an ISA so the returns are tax free (which they are not in the endowment).As you don't have a mortgage, an ISA ia a much better home for your nest egg.
Phoenix endowments are showing very poor returns and it is is quite likely that you would eventually get only the guaranteed amount even if you kept paying in, so I suggest you junk this one asap.AFAIK it's not possible to sell Phoenic policies but you can try here : https://www.apmm.orgTrying to keep it simple...
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