what to do with my endowment?

cpim

Due to repayment of my mortgage, my now unrelated endowment policy has seven years to run, but my mortgage will be paid later this year.

I essentially have a non-mortgage tied endowment policy, which although has performed really badly over the years currently has a sizeable value. I see this value as long term and don't want to use it immediatly.

Should I leave the endowment, or seek a better product?

Ps - no penalty to cash in early.

opinions4u

What type of policy is it?

Which company is it with?

Is there any sort of mortgage guarantee built in?

Do you need the life cover? How much would alternative life cover cost you now that you're older?

cpim

opinions4u wrote: »

What type of policy is it?

Which company is it with?

Is there any sort of mortgage guarantee built in?

Do you need the life cover? How much would alternative life cover cost you now that you're older?

Not sure of the type of endowment product as such. It's with RSA. It is no longer linked to any mortgage, borrowing, or the original mortgage provider.

While life cover is a bonus, it's not necessary thanks to cover provided by both my partner and myself's employers.

Just thought because when it was linked to a mortgage borrowing, was showing signs of underperforming and had to be propped up with cash, it might be not the best place long term. Just not sure what product might be though.

cpim

It does sound a stupid question, but as I've received yet another letter from Aviva (not RSA) stating it's unlike to meet the original amount, it doesn't sound like a.good place for my money.

To avoid any confusion again, my mortgage lender has confirmed NO borrowing link to the endowment policy. It's just confusing Aviva continues to refer to it as a mortgage product and talk in terms of not meeting the target amount.

redmalc

I have an endowment that matures in June,i received all the letters advising there may be a problem from Aegon,but the good news is that i received details last week and was surprised to see it was only £28 short of its estimated value of £16,000

DVardysShadow

cpim wrote: »

It does sound a stupid question, but as I've received yet another letter from Aviva (not RSA) stating it's unlike to meet the original amount, it doesn't sound like a.good place for my money.

Although it is not linked to your mortgage now, was there any mortgage guarantee built in? This is a very important question, already asked, which you should not ignore.