To cash in or leave a paid up policy

chatta

I have spent this morning trying to find out if a paid up endowment policy I have with Phoenix is better now sitting in a building society or leaving it where it is. Apparently it is linked to the stock exchange unit linked???? They cant tell me on the phone what it is worth, nor are they able to say whether its worth more now than last year. I have searched this site and not really read any good things about Phoenix. So what shall I do, I took it out in 1988 we have paid £45 per month until 2004 any ideas welcomed please, I have a headache now and am none the wiser. They are going to put a price in the post but I wont get it until early next week, but they wont tell me if its worth leaving with them due to it being stock market linked. Please, any advice is very welcome.

EdInvestor

It's not stockmarket linked any more.It's invested in bonds. And if it's 'paid up' it will have a very low guaranteed value.

It will probably be best to extract what's left of your money out of there, but let us know the surrender value and any maturity projections when you get them and we can take a closer look.

chatta

I have received this letter from Phoenix today. It is a managed fund, with 1233.06 units. Bid price is 763.30 and the value is £9,411.95. The net surrender value is £9082.53. The letter says this is not guaranteed as bid price of units fluctuate daily. There is no mention of maturity projections which I asked for. So still not sure if I should cash it in. But is it better in some other savings account I dont know about units etc. Please help with any advice, thanks.......... I have no idea what any of the letter means.

chatta

Can anybody help, I would be grateful for any words of wisdom please. I know nothing about this.

EdInvestor

If you don't understand anything about the stockmarket at all, then you're probably better to cash it in and but it in a savings account.

chatta

Thanks for that, will do.