Anyone with a 25 year endowment which matured recently ?

MogDodge1

Mine is with CIS or Royal London now I guess. I’ve just had a surrender valuation given today (July 9th) of 35k, though it matures November this year.

25 years with a premium of £65, and the sum assured was 16k or there about, I sold the house it was taken with years ago.

Was hoping someone within the thread might have an idea (and I know it’ll be a guess, but a I’m sure it would a reasonable one) as to the the maturity value might be in November, v’s the surrender value stated now. Got some things I want to do around our house, that are wether sensitive, so want to release the funds to get on, but not sure weather to wait four months and start next year, or is the remaining 4 months growth not going to be that significant ?

Old_Lifer

You need to establish what type of endowment you have.



An endowment can be unit-linked, unitised with-profits or conventional with-profits.



You should be able to tell from your annual statement which type of policy you have. Does it mention units, bonus units, or bonuses added?


A unit-linked policy is often linked to a managed fund. It is worth whatever the units are worth.


A with- profits policy will usually have a terminal bonus at maturity, based on the length of time the policy has been in force. The longer the number of complete years the policy has been in force at maturity, the higher the rate of terminal bonues payable.


Your policy is now approaching the end of its 25 year term. The Life Office will probably be writing to you about the maturity in the next couple of months or so.

MogDodge1

Thanks OldLifer - I thought there might a be a rule of thumb, but I’ll dig out the policy document and see what’s being said.

englisho

Recently had an endowment mature (couple of weeks ago)

Original expectation was £45,000
Actual Payout was £33,000

Never received any communication other than a warning it was due to end and a call to confirm bank details. So cant provide a breakdown sorry.

No summary.. nothing. Just a credit into my bank account.

Policy was originally with Norwich Union - Flexible Mortgage Plus. Investment fund was Aviva mixed investment, Life Standard series 04 (whatever that means)

Received a small payout a few years ago for misselling (think it was around £1800)

Monthly payments were £74.

To be honest I expected a little more. But had critical life cover for the 25 year period so cant grumble I suppose.

Old_Lifer

A Life Office will usually write to a policyholder 4-6 weeks before maturity to explain the maturity process and documentation required.


If you have not received this maturity letter (or maturity pack as I think it may be called nowadays) give them a call and ask for details of the payment.

dcfc67

I have a CIS policy, (with profits) I pay £70 a month and it was supposed to pay 40K.

Been getting red letters for years, Surrender value in April was 36K but I pushed them for a realistic payout figure and they wrote to me saying estimated payout is just over 38K.
It matures at end of November so if it does make 38K its nt far of what it was supposed to make 25 years ago

Crag30

dcfc67 wrote: »

I have a CIS policy, (with profits) I pay £70 a month and it was supposed to pay 40K.

Been getting red letters for years, Surrender value in April was 36K but I pushed them for a realistic payout figure and they wrote to me saying estimated payout is just over 38K.
It matures at end of November so if it does make 38K its nt far of what it was supposed to make 25 years ago

If you see my post on a previous page you will see I was nearer my target with CIS than i expected to be

dcfc67

Just had my payout from CIS.
£70 a month for 25 years paid £38,950. it was supposed to pay out 40K

Magsy99

Got the Your plan is maturing letter from Standard Life today.
Plan matures end of January 2020.
£50.05 per month for 25 years for SL Homeplan Life with profits, for £30,000.
Illustrative value £20,356..that includes allowance for final bonus but not MEP
Im hoping the mep will bump it up a bit.

Love this thread, been following for some time.
Some great returns for most it seems, especially as we have had years of warnings.
Paid the mortgage off years ago thanks to the one account.

Magsy99

Am I the last one to have an endowment payout?
Nice to save the £50.05 every month now.
Standard life with profits for £30000.00
Final sum £25160.84
Mep was £4800.00
A bit short of the promised sum but not too bad.