Selling an endowment policy but value just dropped after FSA Bonus review?

Fffurg

Hello, i need some help or advice on this if possible.

Last month i decided to cash in a low start endowment plan with Sun life of Canada. I called them and got the surrender value £6159.88 and it had £1361.71 of bonuses attached.
I decided to look around and see if i could sell it and i had a value back of £8024.27 from one company. I called Sun life of Canada to get all the relevent paperwork sent and they informed me that the policy was reaching its bonus date and that another year bonus would be added on the 1st April and i would be better waiting until this went on before i sold it. So i did, and paid another months premium to them.
On the 4th April i called them and found that the bonuses had gone up to £2972.05 (£1610.34 increase) as there had been an FSA review??? and they had done a re-calculation on all there policies. The Surrender value was now £6312.17 (152.29 increase), i thought fine that covered my 1 months premium extra that i had paid and the bonuses had increased, great.

Wrong, i went back to the company who had offered me £8024.27 for the policy two weeks earlier and they told me that Quote "that the Bonus structures have been changed by Sun Life Of Canada and they cannot offer on this policy anymore"

I have yet to get hold of Sun Life of Canada but it looks like i have just lost out on Approx £1800/£2000 through allowing my policy to get to its anniversary and have bonuses added and through Sun life of Canada having some kind of bonus review on the 1st April where things have changed. They recomended holding the policy until the bonuses were added but at no point told me about a review that might change the value if sold. At all points they were aware that i was looking to sell.

I am rather confused and not sure how or if this can happen.

Can anyone help or point me in the right direction. policy is with Sun life Financial of Canada, i would like to know what i should be doing or saying when i get through to them.

Many thanks for any help offered

Andy

dunstonh

The company may no longer feel that the Sun Life of Canada with profits fund offers good potential for the future and decided to withdraw them from their list of acceptable companies (like many other closed books have been already).

When bonus announcements are made, information on the with profits fund usually comes with it. There may have been something in that information that put them off. I havent been able to find anything on google to reflect UNUM's views or strategy on the SLOC closed book.

Fffurg

Thanks for this information.