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What to do with old endowment?
KristinaK
Posts: 4
Newbie
I have an old endowment (13 years old) that I took out on a flat I sold ages ago. I now have a mortgage with my husband; the endowment was for £30k originally, it's now worth about £7k and I only pay the minimum payment on it.
Is it worth just cashing it in or is there anything else useful that I could to with it?
Thanks
Is it worth just cashing it in or is there anything else useful that I could to with it?
Thanks
0
Comments
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I have an old endowment (13 years old) that I took out on a flat I sold ages ago. I now have a mortgage with my husband; the endowment was for £30k originally, it's now worth about £7k and I only pay the minimum payment on it.
Is it worth just cashing it in or is there anything else useful that I could to with it?
Thanks
Is the endowment being used to support the joint mortgage?
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
No, I've just kept it going as I didn't know what else to do!0
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Post some info about it:
Provider
Guaranteed sum assured
Declared bonuses
Surrender value
Monthly payment
Maturity date
Maturity forecasts
Interest rate payable on mortgageTrying to keep it simple...
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No, I've just kept it going as I didn't know what else to do!
Is it a with profits or unit linked policy?
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
The endowment is with Lincoln Financial Group (not very good, I'm told!) and I'm currently paying £41.94 per month. Maturity date is 2 February 2019 and the surrender value (today) is £6715 (surrender charge of £865.11.
Don't have the answers to the other questions I'm afraid!0 -
We cant answer without the facts. Lincoln products vary from poor to good but many of their plans are unit linked and they do have external fund links on many of the products (they adopted external links quite early by all accounts).
Who told you that it wasnt very good? One assumes that person had access to the information about your investment funds and was making that judgement knowing the facts. If so, that puts them in a better position than us. If they didnt know the facts, then you have to disregard what they said.
It could be that yours is a poor one but we dont have enough to say one way or another at this stage.
What are the investment funds?
do you still need life cover? if so, how much will replacement life cover cost?
does the policy include critical illness cover?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
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