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why doesn't anyone want to buy a 10 year endowment?
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marie43read
Posts: 34 Forumite
:rotfl: :rotfl: Hi
Have used your excellent forum before - and I need signposting again.
My father wishes to cash in his endowment (is paying off his mortgage) which he took out in May 97. It is with MGM Assurance, the Policy is called Qualifying Unitised Endowment and he pays £107.00 per month.
I refered to your forum for whom to contact for good price and they have all said they don't purchase this type of Endowment. Apparently this has something to do with it not having any bonus's attached and the fact that it is Unit Linked.
Could anyone please explain in lay- mans terms what this means and does anyone know whom might want to buy it. we have been offered £10,701 to surrender it but I'm sure we can get a better price.
Thank you :T
Have used your excellent forum before - and I need signposting again.
My father wishes to cash in his endowment (is paying off his mortgage) which he took out in May 97. It is with MGM Assurance, the Policy is called Qualifying Unitised Endowment and he pays £107.00 per month.
I refered to your forum for whom to contact for good price and they have all said they don't purchase this type of Endowment. Apparently this has something to do with it not having any bonus's attached and the fact that it is Unit Linked.
Could anyone please explain in lay- mans terms what this means and does anyone know whom might want to buy it. we have been offered £10,701 to surrender it but I'm sure we can get a better price.
Thank you :T
0
Comments
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No-one will buy it for two reasons.
1 - its rubbish and no-one wants it
2 - its unitised and you cant sell unit linked plans as they have a daily value. Its a bit like saying how much would you buy this £10 note for.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thank you - that's just what I wanted: a simple straightforward answer.
So now I can stop trawling the net - looking for would be buyers :beer:0
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