Selling an endowment

Sstripey

Thrupnybit wrote: »

I sold - a gain of about £700 on surrendering. Was a lot of hassle. Phoenix (Scottish Provident) were dreadful, slow, gave a different story nearly every time I rang. Looking forward to cancelling a critical illness plan with them in the next weeks.!

I'm in correspondence with them at the moment, furious with the lack of bonuses for the last decade, just after demutualisation - surely some coincidence, officer? I'll wait to see what they offer for surrender and then how much I can get for that. As it stands, I have another 4.5 years to go before it matures, at a cost of about £6000 in premiums:(. Unless there's a decent TB, I find it hard to work up enthusiasm for keeping it on, as the life cover isn't that vital to our plans.
I'll let you know what happens.

Sstripey

Scot Prov/Phoenix have spoken. With 4.5 years to go, they quote a surrender value of £36240, which is a few hundred less than the Sum Assured and the bonuses added so far (all between 1992 and 2002). Premiums from here until maturity would cost me another £6000; there have been no annual bonuses for yonks, and the terminal bonus is not guaranteed in the future, so even if I did stick it out, I might still end up with only £36 - 37k. I'm looking at selling it in case that improves things, but a simple calculation on what I would save now, plus gain in interest payments, suggests that getting rid is the best plan. The Life Insurance is £80000, but I've recently taken early retirement and we've paid our mortgage.
Am I missing anything?