endowment value for standard life

de1amo

İ have followed everyones advice and rung my standard life for a valuation on my endowment which is due to be paid in 14 months and counting!!-i cant see my policy and the precise dates because i am away from home --they advised me the surrender value would be just under 18000 but wouldnt give me an idea of the final bonus add on envisaged or current with them-i cant use those valuation sites because of this lack of detail-where do i go from here?

dunstonh

They are not authorised to give you an opinion on what might happen. They can only give you factual data. If you want opinion then see an IFA.

Also remember that if you surrender the policy you will not get the mortgage promise value. That can be small with some plans but also very large (in excess of 10k) with some plans, including those of some people that have posted here.

de1amo

this is a policy taken back in 1986 and due for payment next year. it had an expected value in ecess of 30000 to clear that mortgage amount.i would be silly to stop it now because i know there will be a bonus at its completion. i was looking for a general concensous value based on the considerable knowledge of reality here!-i am away for a prolonged period and cant see a İfa--

VIGILANT22

you can keep contact with yr IFA by email the same as you communicate here...

de1amo

anyone know one!!-been years since i asked for assistance-i always looked for my own deals and the endowment was as far off as a pension when your 23--at the height of the chaos i obtained a 120k mortgage with a shown income of 7k--i am down to 55k on 7k now with this endowment to put a hole in it--hopefully--where do i go next is what i am summising-the ltv will about 20pc --i do earn abroad but have different targets! and equity

Gorgeous_George

My policy was taken out in 1985 (male aged 22) for £31,045 at a cost of £45 per month.

I surrendered in 2008 and banked £26,406. My thread (link) may be an interesting read.

It would have matured this month and it would be interesting to know what it would have been worth had I held on to it. However,surrendering removed the worry of further cuts to policy values.

With the benefit of hindsight, I think that I should have surrendered it in January 2003.

GG

EdInvestor

de1amo wrote: »

i would be silly to stop it now because i know there will be a bonus at its completion.

The more relevant factor might be whether the remaining bonus at completion (assuming there is one) is bigger or smaller than it is now (the surrender value contains this accumulated bonus money, though it may be reduced by an exit penalty at present).If the latter, you might be bettter to go now before it diminishes further.

Post some info about the policy so we can see if there is a clear way forward.

Guaranteed sum assured
Declared bonuses
Surrender value
Monthly premium
Maturity date
Maturity forecasts
Interest rate payable on mortgage

Also check whether there is a mortgage promise amount.

de1amo

thanks vigilant--message recd -
George you almost shaddow my endowment--it was taken in may 1986 for 30000 target with a monthly payment of 40,60-the valuation now is 17973 with a target of nearing 18800 in may 2011-i dont know declared bonuses or anymore--if i get anywhere near 25000 i will be elated--i am a pessismist in these times!!seems too much so!!

de1amo

GG i read your link and very interesting i found it--what did you finally do with the dosh back in those heady days--i am drawn to lowering my 55k svr with an aim to clear it in 4 years but toy with either upgrading my own live in home or buying outright a rental flat where i am stationed abroad-the mortgage is parked on a flat i rent out in the uk and i can use its interest as a tax deduction -the mortgage never has or will be a problem--just getting 55k again might be!!!

de1amo

i forgot to add the endowment is not 'promised to a mortgage -if that means anything!!

dunstonh

the mortgage promise is a lump sum that Std life will enhance the maturity value by if it falls short. It is very important to know what the mortgage promise value is because that can swing the decision between keep or sell. i.e. the projected value may not be much but if you have a £10k mortgage promise value then that could make the difference. If you surrender/sell, you dont get that mortgage promise value.