G.R.E Endowment policy - cash-in?

pam_smith

I still have 5 years to go but looking at the forecast on my endowment policy I realise that paying for the next five years till i retire will not make me a penny profit - it may not even cover what I paid into the policy.......I know you shouldnt cash-in during the last 5 years BUT....?

Any advice please?

dunstonh

You havent given any figures or any indication of why you think it wont add any money. So, we cant really comment until you do.

kingstreet

What's the name of the plan?

GRE had a nice unit-linked vehicle called "Homebuilder Plus" which had a repayment guarantee attached to it, IIRC.

magpiecottage

I seem to remember the GRE policy was actually a unit linked whole of life, not an endowment.

This means the policy proceeds could be taxable in some circumstances.

Because of this it struck me as a rather poor product.

kingstreet

Whole Life?

Are you sure you're not thinking about "Freedom?"

The Homebuilder Plus was a unit-linked endowment which used such a low growth rate GRE guaranteed the repayment of the mortgage it covered.

At that time, I was competing against GRE as a Sun Alliance broker consultant and my other half ran the GRE mortgage desk at the branch in Liverpool.