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Is this endowment policy worth keeping?
5mile5
Posts: 4 Newbie
Plan matures 01/11/2014
Current fund value £28094
Projected final value @4% £36100 and @6% £38900
Still to pay £65/month for 46 months = £2990
So pay £3000 to get an extra £5000 on the final value. If I'm doing that right. Assuming 4% growth which seems about right despite Zurich's reassurance that 6% is quite reasonable.
Someone said to me that if you cash in early, you lose some tax benefits. Is that right? And if so, might it be possible to stop paying the plan without cashing it in?
Thanks for reading.
Current fund value £28094
Projected final value @4% £36100 and @6% £38900
Still to pay £65/month for 46 months = £2990
So pay £3000 to get an extra £5000 on the final value. If I'm doing that right. Assuming 4% growth which seems about right despite Zurich's reassurance that 6% is quite reasonable.
Someone said to me that if you cash in early, you lose some tax benefits. Is that right? And if so, might it be possible to stop paying the plan without cashing it in?
Thanks for reading.
0
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