Anyone with a 25 year endowment which matured recently ?

bobzilla

BirnamBear: thanks for starting this thread -- a good read -- but surely things like the age(s) of the policyholders and their average monthly premiums are essential for a proper comparison, and most posters didn't mention them.

By the way, have Scottish Widows yet given you a full breakdown of your £26,500?

castle96

"We also took out a 25 year endowment in March 1988, but with L&G. We paid £63.80 a month after a few years of a low-cost start. The target was at least £34,500 and just before Christmas we were told it 'could' pay £26,000 with a terminal bonus. We have since been told that the rate for a final bonus will be reviewed on the 21st February this year, just 7 days before our policy matures! The expectation is that the payout will decrease of course. Another post on MSE said another company's rate had recentlt reduced from 31% to 21%.
I shall post my final figures in a few weeks. We never received anything for mis-selling because we started a few months earlier than regulation started."

similar to mine. please post figures when you get them

JustLikeThat

!!! Why has an old post of mine appeared under the name of castle96? The post at 4.36pm above is exactly as I posted once before.

bobzilla

JustLikeThat: castle96 is quoting you and saying please post final figures when you have them because his situation is similar.

BirnamBear

bobzilla wrote: »

BirnamBear: thanks for starting this thread -- a good read -- but surely things like the age(s) of the policyholders and their average monthly premiums are essential for a proper comparison, and most posters didn't mention them.

By the way, have Scottish Widows yet given you a full breakdown of your £26,500?

Not yet.Will pay out in May.

bobzilla

Just to confirm we have now received the payout on our 25 year Aviva/NU "Low start" policy (Ave. £56 pm, Mar 1988-Mar 2013).
The amount was £23,101 -- details as above -- and the terminal bonus of £1,900 was 18.4% of the Sum Assured.

BirnamBear

bobzilla wrote: »

BirnamBear: thanks for starting this thread -- a good read -- but surely things like the age(s) of the policyholders and their average monthly premiums are essential for a proper comparison, and most posters didn't mention them.

By the way, have Scottish Widows yet given you a full breakdown of your £26,500?

Don't think age is relevant mate for 25 year endowment policies.Ours is April 1988 to May 2013 and we pay £53.60 a month.Looks like it has done slightly better than yours.Wonder if your low start initial payments though rising to a bigger payment has cost you ?

bobzilla

I wondered if the low start had an affect although bonuses added to our policy in the first ten years looked OK to me (£400-£500). After 15 years they fell to £30!
I thought age was a factor because Aviva quotes £11 for a couple like us but £5 for a single man of 29 (as used in the illustrations) -- which would be equivalent to £6 more per month invested, wouldn't it?
Scottish Widows does seem to have been better managed: the recent Guardian article had their payouts for this year at £1000 more and last year £4500 more than Norwich Union's.

ktee_uk

My 25 year standard life endowment assurance matured this week. Was supposed to pay off interest only mortgage of £36k (which we paid off via savings after 15 years but kept endowment running)

£11699 sun assured
£ 8846 yearly bonus
£ 20 interim bonus
£ 3126 final bonus
£ 621 MEP
£24312 maturity value (now in my bank account)

It is a significant shortfall in terms of % of original mortgage. But the final value was better than i budgeted for in the family finances. I wonder though that if i had paid a larger contribution, say double the monthly payment which was only £46 then we would have paid the mortgage easily. But looking back at it, we didn't have the disposable income that we have now.

bobzilla

Very grateful for the advice on this site but searching for help on endowments can take forever with multiple threads and pages and pages of gossip, humiliation and disappointment.

It's a bit late now, but couldn't a single location have been set up for users to post details of their endowment projections and final payouts -- just the figures in a structured way like this to make for a kind of information database to help people make their decisions?

Or, is there one somewhere already?