Endowment maturities - how much did you get ?

Dick_here

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 !

yelf

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

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.

Dick_here

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.

benz

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

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?

benz

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

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?

Money_maker

That explains why £35 month over 30 years won't net me 40k.

benz

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

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.