Cashing in endowment advice needed

Fruittea

I would like some help making up my mind about cashing in an endowment. I've paid £89.68 a month since 15.8.1997 and it will mature on 15.8.2022. The endowment was taken out with a mortage - I no long have the property (not for ten years).

I live with my partner who has endowments on a property that will pay mortgage of in 2014. My question is should I cash endowment in or should I keep it running as a life insurance.

I am unemployed but don't claim benefits so the cash for my endowment is effectively paid by my partner (we can afford it but is it worth it).

Any thoughts would help me decide. Many thanks in advance.

redmalc

Fruit,I have just received my Cheque from Aegon former Scottish Equitable for 17K,£22 per month for 25 years.
I received all the warning letters some time ago buy kept paying as the money was not needed for paying the mortgage ,sorted that years ago.
In my situation it has been well worth carrying on paying because the original mortgage was for 16K and the shortfall letters were suggesting i would get 12/13K max

Fruittea

Thanks Redmalc
That's reassuring - so you paid about £6,600 and got 17K - that sounds good to me and more than they had suggested!

bigadaj

Ask the insurance compAny for surrender value and projections, though the projections will be very speculative, this will allow a more objective assessment.

McKneff

And dont forget, your monthly payment includes life cover.

opinions4u

Which company? What type of policy? Does it retain a mortgage guarantee of any sort?

Fruittea

Thanks for replies so far. I will ask for projection. The endowment isn't tied to a property as that has been sold. It's with Friends Provident.