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Cash in or not to cash in?
MABAN
Posts: 1 Newbie
Hi, I have three endowment policies; 2 of them have 4 years remaining with C&M and the other 12 years with SL....am i better just to cash in and use the money to lower my mortgage - which is now capital and interest so endowments not required. Then using the usual monthly endowment premiums to start a new savings plan?
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Comments
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Very hard to say without figures (and I can't give advice anyway).
Some things to think about:- Do you need the life cover provided by the policies? If so, can you get it elsewhere if you cash them in?
- Is there any kind of mortgage promise attached to the policies?
- Is there a penalty for paying lump sums off your mortgage?
- Can you make overpayments to your mortgage (rather than setting up separate savings plans with the endowment premiums)?
- Are you happy with the funds the policies are invested in?
- (If the policies are conventional with-profits) can you sell them elsewhere for more than the insurance company will give you?
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