No mortgage but still have endowment

thorrhead

I have paid off my mortgage, but still have an endowment running until 2021. Should I cash the endowment in? I know it will be worth very little and that all the bonuses kick at maturity, but I could use the monthly outgoing elsewhere.

TrickyDicky101

Do you have a current surrender value from the endowment provider - what is it if so? Who's it with? Monthly premium amounts?

At the end of the day, it's a savings vehicle. Either it suits you or it doesn't.

sleepymans

thorrhead wrote: »

I have paid off my mortgage, but still have an endowment running until 2021. Should I cash the endowment in? I know it will be worth very little and that all the bonuses kick at maturity, but I could use the monthly outgoing elsewhere.

If the life insurance element is still of decent value to you then maybe keep it. It depends so much on your individual circumstances, its hard to judge tbh.

thorrhead

I don't have a surrender value, I merely question whether or nor I should keep it running or not. There is an element of life assurance cover within it, but I also have other life assurance arrangements in place.

thorrhead

Provider Pheonix and a couple of hundred pounds a month.

Thrugelmir

You could always make the policy paid up ( i.e. make no further premium payments) and leave the policy to mature.

Often a better option than surrendering if the policy has been running for some years. I'm assuming that the policy was for a 25 years term so the policy has already been running for 18 years.

More often or not the terminal bonus that's paid on maturity can be worth the wait.

thorrhead

Thanks everyone