Should I stop paying my Endowment?

jimsmillions

Have a joint Endowment with Aviva taken out over 25 years to supposedly pay off 42k. We pay

Endowments: £82 monthly
Life policy's: £22 monthly

Just looking at the Endowment part over 25 years we would have paid a total of £24600. When I last looked at the projections for the endowments it seems as though they will pay out around £22000. Thats rough but I could be paying each month to loose £2600 overall.

Have known that they will not meet the required target for at least 3 years but knowing that I will at some point be able to clear at least 90% of my Mortgage anyway has made me lazy about acting on it. Time to get more serious.

Options:

Freeze: stop paying

Cash in. Looked at this before seems you just get your payments back roughly.

Sell the Endowments. No idea about this

Keep paying them: Possibility of upturn making them profitable within the next 13 years and when this would need to start to have an effect?

Any and all advice welcomed.

opinions4u

Does the policy include some sort of mortgage promise?

Is it a with profits policy?

Froggitt

Does the endowment also include life cover? When did it start/how long left? If 13 years left, you were sold a lemon if you took it out in 1999.

AFAIK theres not much demend for second hand endowments. Consider making it paid up and convert to repayment.