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Do I surrender my Endowment Policy?
artlover
Posts: 7 Forumite
I'm struggling to understand the figures CIS have provided following my request for a surrender quote and estimated value on maturity on my Endowment Assurance with Profits policy. Can anyone help? I've paid £15 a month to CIS since 1988 (25 years), the policy matures at 30 years (2018). I took a 20 year cash sum of £1272 in 2008. Here are the figures:
Surrender value: £8431.37
Sum assured: £6570
ILLUSTRATED Estimated benefits payable at maturity:
rate of growth 1.5% p.a. = £9340.00
rate of growth 7.5% p.a. = £12200.00
What should I do bearing in mind I will be buying my first home early next year (hence enquiry on cashing this in) as this would help to either increase the type of property/area I could buy in and reduce monthly mortgage payments?
Thanks.
Surrender value: £8431.37
Sum assured: £6570
ILLUSTRATED Estimated benefits payable at maturity:
rate of growth 1.5% p.a. = £9340.00
rate of growth 7.5% p.a. = £12200.00
What should I do bearing in mind I will be buying my first home early next year (hence enquiry on cashing this in) as this would help to either increase the type of property/area I could buy in and reduce monthly mortgage payments?
Thanks.
0
Comments
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I would cash it in on the basis that you could buy more house with it now than you could by letting it go to maturity. But you do need to think on whether you agree with my criterion and whether it is likely to be fulfilledYou might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0
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