Question on Early Maturity Option on Standard Life Endowment

ms_mark

Has anyone with a SL endowment noticed or done anything about this?

My SL endowment (16 years old out of a 25 year term) is likely to fail to meet the sum assured of £45000 and I've already claimed compensation.

The original endowment paperwork (which it states is contractually binding) says the following:

"At any time within the second half of the term (but not before 10 years), the Plan can be matured for a proportionate amount of the sum assured and attaching bonuses, providing all premiums due have been paid and no bonuses have been surrendered for their cash value. The proportion is calculated as the duration in force to the lower integral month divided by the original term"

Does this mean if I opt for early maturity I'm entitled to 16/25 x £45000 = £28800, plus any bonuses??? This would be much more than the surrender value of the policy. Am I missing something?

Thanks in advance,

Mark