Standard life endowment Policy- sell it and how to whom ?

seanmcateer

Hi all and thanks for reading

My wife has a Standard life Endowment policy; ‘life with profits’ fund ‘that she took out in 1994 and matures in 2019. It was supposed to cover £23k of a mortgage. Alas it’s not going to do anything close to this. It has critical illness for her but not for me, she pays £42 PM. The present cash in value is about £8k and it has rallied over the past 6 months.

We have a number of BTL’s and on good rates; eg home mortgage is fab 0.29% above base for life of mortgage. We recently consolidated all our insurances, increased cover and had little or no extra premiums to pay- nil increase when we offset against the £42 for this policy.

But now we are having 2nd thoughts as the policy has rallied a bit.

We don’t need the money but want to get the best for it.

I have tried to get a price from brokers but my wife’s ‘Life with profits fund’ does not fit into their on line forms. There are also so many of them and really don’t know which is best.

I don’t know enough about this kind of policy but would like to maximize what we have.

I would appreciate some advice/direction on:

1. Should we sell the policy now or in the near future when the market has stopped rallying?
2. How can I sell it and who is best?
3. Should we keep it ?
4. Any other advice?