Standard Life with profits fund endowment.

kossohead

Hi Guys,

Have the above endowment policy and just received my yearly statement which shows an AMBER ALERT...

The plan started March 1999
And matures March 2024 (14 years left)

I pay £92 each month which includes cost of life cover and critical illness.

The target amount is £43,600
The total value on March 2010 is £11,600, shortfall is £32,000 as of today.

If growth rate of 4% - shortfall of £32,000.
If growth rate of 6% - shortfall of £4,000.
If growth rate of 8% -surplus of £4,400.

It states, we add regular bonuses by increasing the price of units you have in the life with profits fund each day. The units have grown at the following rates:
March 2009 to March 2010 - 1.5%

I am 38 years old married with two small children and have just sold our house and looking for a bigger property.

CAN ANYONE GIVE ME ADVICE ON WHAT TO DO WITH THE POLICY, IS IT WORTH KEEPING OR SHOULD WE CASH IT IN?

I know very little about endowments, etc, so any advice would be much appreciated.

If you need more information, pm me.

Kind Regards
:beer:

LeafyBarnet

As a complement to policy advice and suggestions given here, do get yourself on-line access to your SL policy. You will then see monthly updates, so in this case you'll see how it has done since March.

Keep a record of the updates as the online service only shows figures for the latest month.

It's not ideal to make a decision based on figures shown in a yearly statement.

kossohead

Yes, its to pay off an interest only mortgage..

The mortgage advisor who`s sorting out my re-mortgage does not really know himself...He said each year they pay a bonus and at the end of the term standard life pay a big bonus which NOBODY knows??
He said, if you have any doubts, cash it in and put it towards my next mortgage which is what I will probably do.....

Has anyone on this site got the same endowment? If so, what did you do?

Many Thanks

:money: