Anyone with a 25 year endowment which matured recently ?

dunstonh

boycie1 wrote: »

Can anyone tell me what a Scottish amicable 25 year endowment (SAIF) is paying out this year including terminal bonus?
I pay £50 per month and it finishes August 2016.

I have had valuations & projections but they seem to vary depending on who I talk to.

Thanks

They will vary as it is not one-size fits all. Different plans will have difference commencement dates, different target growth rates, different life assurance costs etc.

Your current value and surrender value will give you an idea. Surrender value will include terminal bonus accrued to date whereas current value may not.

scott_lithgows

Paid £41.11 for 25 years to friends provident,supposed to get me £30k,forecast is £21.7k.

Dealt with the shortfall a few years ago so just glad to get rid of it,love how friends ask if you want to reinvest with them!

After paying by d/d for 25 years,they are now sending a cheque out,no doubt to grab a few extra days interest on my cash

maninthestreet

scott_lithgows wrote: »

Paid £41.11 for 25 years to friends provident,supposed to get me £30k,forecast is £21.7k.

Dealt with the shortfall a few years ago so just glad to get rid of it,love how friends ask if you want to reinvest with them!

After paying by d/d for 25 years,they are now sending a cheque out,no doubt to grab a few extra days interest on my cash

Was it a 'With Profits' endowment?
Do you know what the terminal bonus is?

scott_lithgows

Was with profits,no idea bout terminal bonus,still waitin on the cheque so might be with that.The 21.7k was a figure that came with the claim form.

MysteryMe

Standard Life endowment taken out mid 1990 target amount £17,000, monthly premium £22.


Just paid out £12598


Sum assured £5548
Yearly bonus's added £3192
Interim bonus £12
Final bonus £2030
Mortgage endowment promise top up payment £1816




Shortfall £4402


Had already converted mortgage to part endowment part repayment so once money transferred to lender next week will be mortgage free.

Campaign1983

I have a Standard Life endowment about to mature after 25 years having paid £80 a month against an initial sum of £65000.

I have had their estimates and await the final bonus which may bring the sum above or below their estimated £39k maturity payment.

I was advised of a shortfall, but never expected it to be £26k short. Or only 60% of the original assured sum to be paid out. I was led to believe the final bonus can often increase the actual sum paid.
Such a low payout really does seem incompetent and clearly lacks prudence towards the investors investment requirements.
It would have made more sense to invest in the Standard Life share price, but then I assume that has increased due to the profits retained rather than paid out to customers!

This seems a low pay out to me, has anyone else recently had a similar payment.
Is there anything I can do, or can they just pay out whatever they want without any comeback?

Thanks.

dunstonh

I was advised of a shortfall, but never expected it to be £26k short.

Std Life provide annual statements and to be £26k short now would suggest you would have been getting shortfall warnings of that sort of amount for about 13 years)

Such a low payout really does seem incompetent

No it doesnt. It suggests a high target growth rate was used.

and clearly lacks prudence towards the investors investment requirements.

Again, no it doesnt.

It would have made more sense to invest in the Standard Life share price, but then I assume that has increased due to the profits retained rather than paid out to customers!

At much higher risk and far more volatile.

Is there anything I can do, or can they just pay out whatever they want without any comeback?

You get what you are given. There is no haggle.

Cuba_libra

Hello Dunston may I ask a few questions as I don't have a clue lol?
We have a FPwp endowment that is to be used as savings. It was to cover a mortgage of £39000 over 25 years at £59.43pm to mature 30/11/15 all have been paid to date

The cash value at 03/09/15 was £30005.31 (will this include terminal bonus)?

Basic sum assured £13.846
Declared bonus £5759.80
Total guaranteed maturity £19605.80

Where does the sum £30005 come into it?

Will the final sum at maturity be greater than
The £30005.

I have read many of your posts over the past 2 years and you are fab thanks buddy.

dunstonh

Where does the sum £30005 come into it?

It is likely the guaranteed sum assured plus the annual bonus accrued to date and any current terminal bonus accured to date.

In giving current values, providers can give the terminal bonus accrued to date figure and include it for the current position.

Bull1y

CIS 25 year with-profits endowment
Taken out : 1991 (when I was the 19)
Sum assured : £13,728
Life insurance : £32k
Monthly premium : £50.88

I have been receiving RED Alert letters for at least the last ten years but I changed to a repayment mortgage years ago, so just left it running as a savings vehicle.
In early 2000's I was successful in a miss-selling claim & received £6k at the time.

Therefore I was presently surprised when I received the settlement payment of £28,695.
It was more than I was expecting & considering I have had the life cover (changed to joint life when I got married) & paid over the 25 years a total of £15,264, there isn't really anything to complain about. I do recall seeing illustrations of similar policies maturing when I took mine out with returns of over £60k but as others have stated on here, a lot has changed in those years in terms of interest rates and regulation, that has also seen the appetite for these types of policies diminish.

I have a smaller policy due in September with Standard life that qualifies for their mortgage promise, so will post the results when that comes in.