Selling my endowment

kezbradley

Hi there, this is the first time I have started a thread so please be kind. I have had an endowment with Sun Life of Canada for seven years now and don't know what to do with it. I'm going to have a look at the advice for claiming back some money because it was mis-sold ( I was told I'd have money to spare at the end of the mortgage:mad: - but we all know thats probably not going to happen) but what do I do with the endowment? Keep it or sell it and if I sell it, who to? I'm a total novice at this so any advice would be gratefully recieved.

Thanks in advance

Kerry

EdInvestor

Post some info about it

Guaranteed sum assured
Declared bonuses
Surrender value ( ring up and ask)
Maturity date
Monthly premium
Maturity projections

kezbradley

Hi, told you I was a novice. Will phone up and get a surrender value when the offices are open this morning and will post figures then. What are declared bonuses?

Thanks again

Kerry

EdInvestor

Declared bonuses are the annual guaranteed bonuses they announce every year.What's the total of them you have now? It's possible you may have a "unitised" with profits policy - or even a unit linked policy not invested in With profits at all.Neither of these types of endowment have guaranteed bonuses or guaranteed sums assured.The unit linked type cannot be sold, but no problem with the unitised With profits type.

kezbradley

Hi thanks for your advice so far. I have never had any declared bonuses. The endowment was set up by a 'friend of a friend' and to be honest I think I trusted her too much because it was a case of 'sign here' so I did. At the time I was going through a rocky financial time and she advised me that this was the best mortgage offer I would recieve. How will I find out what type of endowment I have? I'm starting to feel even more naive than I first thought I was.

Anyway here are my figures:

Guaranteed sum assured - £48,700
Declared bonuses - none that I know to
Surrender value - £6419.72 (dated 21st June 2006)
Maturity date - 17.3.2024
Monthly premium - £90
Maturity projection - none as yet, I have asked for this figure today but have to wait for it to be posted, should receive it at the start of next week but I know from the paperwork I have had in the past that it is not performing too well.

Don't know if this is relevant or not, but apparently it is invested as 50% equity and 50% fixed interest ??

Thank you so much for your advice

Kerry