Phoenix (Sun Alliance) Endowment Maturity

martinbuckley

Hi all,

24 years ago, I took out a £30,000 With profits policy with Sun Alliance, which was then taken over by Phoenix. It is due to mature next year. I am fully aware of the press regarding shortfalls and am expecting less than the £30,000, but I have been trying to find out an approximate figure that I may get. The Phoenix website is extremely vague, and full of information I dont really need to know, so I thought I'd come on here.

Has anyone had a 25 year Sun Alliance policy pay out recently, and roughly what % of the life cover figure did you actually receive on maturity?

Thanks in advance.

dunstonh

Asking others what they have wont help you. You would need to have the same funds, the same target growth rate, the same version, the same period, the same distribution channel etc. Chances of that are remote.

Why not just look at the last projection and use the lowest figure. Maybe compare it to the current value and just use that if you want to be more cautious.

martinbuckley

Will it not? I would have thought an indication as to % terms would have given me an indication, rather than putting a wet finger into the wind. I know what it is worth (basic + bonus), but I have absolutely no idea what Terminal Bonus I will receive. Despite many clear references to it on their website, Phoenix are very very good at hiding any historical information on what it actually was last year, the year before etc, whereas other companies (L&G) actually tell you what a £50 a month 25 year policy paid out last year (approx £34,000).

COLOURBOUNCE

Forget it, Clerical Medical are just the same. If you can ever speak to someone, they don't know what day it is. I've been advised on here before that funding these offices is now floored as they don't sell the product any longer. So you speak to the cleaner probably. Insult to injury doesn't come close. You need to ignore it and wait it out, or go insane trying to work out what they will decide to honour you with.

dunstonh

but I have absolutely no idea what Terminal Bonus I will receive.

Ask them what it has accrued to date.

Despite many clear references to it on their website, Phoenix are very very good at hiding any historical information on what it actually was last year, the year before etc, whereas other companies (L&G) actually tell you what a £50 a month 25 year policy paid out last year (approx £34,000).

Phoenix buy up closed or dead books. They have dozens of closed books and each would have many different versions of policies. It would get messy giving all sorts of different information and it largely wouldnt matter what they used to pay out as the investment strategy and future returns will be different.

L&G data is largely useless as well as you will find as many people that dont get their published figures as those that do. They are snapshots but not much use. For example, last july there was a stockmarket crash of 20%. Policies paying out prior to that got more than those that paid out after. Having a website that is updated once a year wouldnt help.

silentnight

Phoenix have just informed us that we will receive £22,200 for our £40,000 with profits endowment that we took out with Sun Alliance 25yrs ago, this includes a terminal bonus of £1452.00 (not guaranteed)!

Sorry to be the bearer of bad news!

bigadaj

Just for curiosity what was your monthly premium?

silentnight

Our monthly premium was £53.00 per month