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Endowment maturities - how much did you get ?

There are regularly threads on 'how much will my endowment be worth, should I surrender ?' etc, but here's one where people can list how much they got in comparison to the sum assured...it'll help others to actually have an idea of payouts rather than the projections that are normally relied upon.

Go !
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Comments

  • yelf
    yelf Posts: 861 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    No it wont. Depedning on when they took the endowment out, who it is with, what type of endowment they have etc will affect the payout.
  • dunstonh
    dunstonh Posts: 118,218 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Nice idea but it wont work. For example...

    two people take out an endowment on the same day for the same term and same sum assured and use the same endowment provider. Will the maturity value be the same? No.

    One could have a different target growth rate to the other. One could use different funds than the other. One could have critical illness cover included or waiver of premium or have switched funds periodically etc etc.

    If you then start looking at providers over different periods you may have a version 1, version 2 etc. Version 1 may have been a good plan but a version 2 may have been poor. Or the conventional with profits version poor but the unitised with profits version good.

    My experience on this that whilst you generally know the good and bad ones, there are always exceptions to the rule.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Dick_here
    Dick_here Posts: 1,605 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    yelf wrote: »
    No it wont. Depedning on when they took the endowment out, who it is with, what type of endowment they have etc will affect the payout.

    Yes I'm well aware of that, it's just a snapshot.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
  • benz
    benz Posts: 112 Forumite
    Part of the Furniture Combo Breaker
    Well for what it's worth here's mine -
    Started a Standard Life Endowment Policy 25 years ago to repay a new mortgage. The premium was £36.25 per month. The target amount was £25,000. In 2006 I received £750 for miss-selling.
    I kept a record of the value at various dates -
    Feb. 2001 £13,300
    Feb. 2002 £14,500
    Feb. 2003 £10,900
    Feb. 2004 £12,750
    Feb. 2005 £12,500
    Feb. 2006 £12,950
    Feb. 2007 £15,000
    Feb. 2008 £16,700
    Feb. 2009 £15,600
    Feb. 2010 £16,500

    Mar. 2010 £16,600
    Apr. 2010 £16,700
    May 2010 £16,800
    Jun. 2010 £16,800
    Jul. 2010 £16,900
    Aug. 2010 £17,300

    Sep 2010 Maturity £17,300. This includes a Final Bonus of £1,100
    Luckily the mortgage was paid off years ago
  • dunstonh
    dunstonh Posts: 118,218 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Sep 2010 Maturity £17,300. This includes a Final Bonus of £1,100
    Luckily the mortgage was paid off years ago

    Has that been paid to you yet? Was there any mortgage promise value added?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • benz
    benz Posts: 112 Forumite
    Part of the Furniture Combo Breaker
    Dunstonh,

    £17,300 was paid a few days after the policy matured.

    This amount consists of, Sum Assured + Annual Bonus added before Nov. 2009 + Interim Bonus since Nov. 2009 + Final Bonus, so no, no Mortgage Promise value was added.
  • dunstonh
    dunstonh Posts: 118,218 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    benz wrote: »
    Dunstonh,

    £17,300 was paid a few days after the policy matured.

    This amount consists of, Sum Assured + Annual Bonus added before Nov. 2009 + Interim Bonus since Nov. 2009 + Final Bonus, so no, no Mortgage Promise value was added.

    Thanks. Were you meant to have any mortgage promise value or was yours one that didnt qualify?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Money_maker
    Money_maker Posts: 5,471 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    That explains why £35 month over 30 years won't net me 40k.
    Please do not quote spam as this enables it to 'live on' once the spam post is removed. ;)

    If you quote me, don't forget the capital 'M'

    Declutterers of the world - unite! :rotfl::rotfl:
  • benz
    benz Posts: 112 Forumite
    Part of the Furniture Combo Breaker
    I've had a look at the Schedule and in the paragraph titled 'Benefits', it states that a sum assured of £8100 is payable on death, or survival to 2010. But notwithstanding this, £25,000 is the Guaranteed Minimum Death Benefit.

    It would therefore appear that we've no 'mortgage promise value'
  • dunstonh
    dunstonh Posts: 118,218 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    benz wrote: »
    I've had a look at the Schedule and in the paragraph titled 'Benefits', it states that a sum assured of £8100 is payable on death, or survival to 2010. But notwithstanding this, £25,000 is the Guaranteed Minimum Death Benefit.

    It would therefore appear that we've no 'mortgage promise value'

    The mortgage promise value first came to life around 2001. It was capped a few years later when Std feared it may get out of control and leave them with an unaffordable liability (this was not long after Equitable Life hit problems with unaffordable liabilities). If you have old statements still, check those between 2001-2004 as that was where it was mentioned.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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