Endowment surrender and tax

youth_leader

Our endowment with Phoenix is up on the 3rd March - and way short of the amount originally anticipated.

Just wanted to say that to get the money they want the ORIGINAL agreement - lucky I'm a hoader! 25 years is a long time to keep a piece of paper isn't it!

holly_hobby

If you were unable to locate the original policy document, you would be simply asked to complete and return a "lost policy" declaration form.

So obtaining the proceeds of your policy would never be flatly refused, simply because you no longer held the original docs.

Hope this helps others in the same situation.

Holly

opinions4u

youth_leader wrote: »

Our endowment with Phoenix is up on the 3rd March - and way short of the amount originally anticipated.

Just wanted to say that to get the money they want the ORIGINAL agreement - lucky I'm a hoader! 25 years is a long time to keep a piece of paper isn't it!

When I was winding up my Grandmother's estate I found a life policy from the 1930s. Paid out too.

It really isn't hard to retain important paper work like this. One file in the bottom of the wardrobe did it for me for many years. I now keep this sort of document in a fireproof container.

bill_rand

Hey Youth Leader can you give me more details of your policy? Thats what i thought would happen to me in two years time was supposed to be £43,000 plus bonus ,but forcast at the moment between £39,000 and £41,000. That what i dont understand about this surrender value ive been quoted of £44,450 two years before maturity date

opinions4u

bill_rand wrote: »

Hey Youth Leader can you give me more details of your policy? Thats what i thought would happen to me in two years time was supposed to be £43,000 plus bonus ,but forcast at the moment between £39,000 and £41,000. That what i dont understand about this surrender value ive been quoted of £44,450 two years before maturity date

Different companies. Different funds. Different outcomes.

Unless the policy was taken out with the same company on the same day for the same term and invested in the same life fund there really isn't any benefit to requesting this comparison.

The forecast isn't actually a forecast. It is merely a projection using a mandatory FSA imposed formula. It has no investment expertise built in to it.

macfly

Glad I found this thread. I'm in the same boat, 2 years to go but need cash now. I've lost the original certificates, and was wondering whether to bother getting them replaced to sell my endowment. From one reply, 2 years is too short for that, so can stop the hunt for the certificates.
I had forgotten this endowment as it's for a long gone mortgage. I think I kept it on for the life insurance, but that's all.
Thanks to the OP and all members who replied.