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L&G Endowment surrender/compensation
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Hello, I can't believe it's been over 18 months since I last posted. My policy is now worth £14,952 and has 10yrs left to run. I can see that over the last 15 yrs of paying in £74.44 I have paid in £13,399, so that means I've accrued approx. £1,500 interest.
I'm only hanging onto this policy because of the CI cover. Otherwise, I know that if I surrendered it and put £15k in a 123 account I could get 3% interest and it would do just as well....possibly. Also, my mortgage has £40k outstanding, so paying a chunk off here would more than put a dent in it!
My policy was designed to pay out £38,710, but projections now show low rate 1.2% and mid rate 4.2% which could be as little as £24k.
Any thoughts on this?? Has anyone out there got a similar situation?
Thanks Craig0
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