Axa Endowment - to keep or not??

carpool72

Hello, I have an endowment with Axa Sun Life, no longer attached to a mortgage which I don't know what to so with. I'm paying in £25 per month, which would be handy in my pocket since I'm on a lowish income, but would it be worth keeping as savings? I think I'd be looking at trading it if I didn't keep it, in which case I'd use £1000 or so to pay off debts and distribute the rest in long-term savings.

It started in June 1993 and matures in 2018, with a target of £19k, currently projected at £10k- £16k.
Investment details on 17/08/04 say it's with profits, regular investment split £23.08, 779.89 units allocated worth £3004.92.
I have separate life insurance etc.

I hope this is all the info you need to give me some pointers - please bear with me if not!

thehairybuilder

Personally I`d recommend that you do NOT cash in your endowment regardless of what the current climate is . As they are intended as long term investments I`d hang on to it and assume/hope that it will be worth a lot more when it matures . If you do not want to continue paying premiums you can `freeze` the policy which means whatever bonuses have been added to date will remain and hopefully come 2018 you will also get your terminal bonus .

Hang onto it mate

dunstonh

There are a couple of threads in the savings and investments section on the axa plan.

I suggest you read those threads to get an view on what professionals think of these absolutely dire plans.

thehairybuilder, i suggest you don't use the term recommend in your posts. You cannot recommend any course of action on a regulated investment product based on one post alone. There are people who will copy and paste that information and send it to the FSA just to cause trouble. Use terms like "suggest you investigate" or "review this as a potential option"