Endowment gross value and cash value - what's the difference?

LeeSarah

Hello,

I'm about 13 years into a 25-year endowment that I no longer need as my mortgage is now all repayment.

The statement gives a cash value (about 96% of what I've paid in) and a gross value (87% of what I've paid in).

What do the terms cash value and gross value mean?

If I cashed in the endowment, what would I get?

If I sold it, what could I expect?

My priority is to pay off the remaining repayment mortgage and the endowment cash value will pay off about half of it - thus saving me half the monthly mortgage payments plus the amount I pay into endowment I no longer need.

Any advice appreciated.

Thanks.