Axa cash builder policy

Hd45

Can anyone give me some advice please. I have an axa cash builder plus policy that was taken out in early 2002 and is due to mature 2017. I have happily been paying £20 a month thinking I would get a great payout at the end, but after reading so many bad reviews, am now pretty unsure about the whole thing. I could really do with the money now to help towards buying a house. My husband has a policy which matures a couple of months before mine he is paying £40 a month. Should we cash them in now. As I am very doubtful that we will get the bonuses promised. Also it seems that people are not getting the full amount paid into these policies. I have also seen that not all of the wording on these policies was correct, I have only just heard about this. Can anyone please give me some idea of what I should do or how I go about finding out if the wording in my policy was wrong.:(

PeacefulWaters

I am very doubtful that we will get the bonuses promised

Where were you promised a bonus?

Hd45

Looking at the cash plan they do say what I might get back, so no not promised any bonuses. But at the time of taking the plan out axa did say what I might get back. So I guess it's all a big con. Is there any way I can get back at least what I have paid into this.? Should I phone them today and ask for a refund?

eranou

First thing would be to get the figures.


These plans run for 15 year, the premium increases by 20% of the initial sum per year for the 1st 5 years so you need to take into account premiums were lower in the beginning when working out how much have you paid in

How much is it worth to surrender now?

They are currently paying a 250% terminal bonus on plans maturing now

What did Axa say you might get back?

Hd45

By my calculations I have been paying this plan for 12 years 7 months total of £2648. On my plan axa said by end of 12 I would have paid £2520 and by the end of year 13 £2760. I have not spoken to them yet for a surrender total.
On my plan it says at the end of 15 years I will get back £2430 plus bonuses.
I wish I had just put the money in a savings account each month then at least I'd get back what I'd put in.

eranou

Hd45 wrote: »

By my calculations I have been paying this plan for 12 years 7 months total of £2648. On my plan axa said by end of 12 I would have paid £2520 and by the end of year 13 £2760. I have not spoken to them yet for a surrender total.
On my plan it says at the end of 15 years I will get back £2430 plus bonuses.
I wish I had just put the money in a savings account each month then at least I'd get back what I'd put in.

You need to contact them for a surrender value before you can say if its good or bad,

example client with a similar policy paying the same amount as yourself but is maturing now

total premiums paid £3240

Maturing sum assured is £2400 however bonuses bring this to £4761.24

smirnoff1986

I rang about my plan and I am keeping it in! They told me my predicted final value would be £15788 and I think if I have worked it out correctly I will have put in around £12600. I would never have saved it in a bank as I'd have just kept dipping in to it so if that's what I get I'll be happy. And after searching the Web looking at what lots of people have said seems to be " leave it to mature and do ok" or "panic and take it out and it does crap!".
If I were you, give them a quick ring and see what they say it's worth

colsten

smirnoff1986 wrote: »

I rang about my plan and I am keeping it in! They told me my predicted final value would be £15788 and I think if I have worked it out correctly I will have put in around £12600. I would never have saved it in a bank as I'd have just kept dipping in to it so if that's what I get I'll be happy. And after searching the Web looking at what lots of people have said seems to be " leave it to mature and do ok" or "panic and take it out and it does crap!".
If I were you, give them a quick ring and see what they say it's worth

How much did you pay in when? The £3,188 can be a great gain, or it can be a terrible gain, or may be even a loss. Also the £15,788 is a predicted, not a guaranteed value.

smirnoff1986

Sorry colsten I never explained that properly, I have 2 yrs to go on my policy. Started off paying in £40 and now at £80. When I called them the other day they said my surrender value was £15788 (sorry I wrote it all down wrong for my last post) and if I leave it in the predicted value at 2% was £17901! They did tell me predicted value for 4% and & 7% but I was writing it down on all scraps of paper and I cant find them. I am not sure what I will have paid in to date but think after the 15yrs I will have paid about £12600 so I'm chuffed if that's what I get.
I have seen a couple of posts on mse about people leaving it the full term and doing ok.

5erge

I've been paying in £50 at first then £100 per month. My one matures next Feb but I have a surrender value of £32800 that I'm going to take.

Yes, I did worry when there were all these negative reviews concerning the policy but I chose to ignore them and I'm ever so glad I did.

I'm wondering what the current rate of growth is though, if it is anything over 4% then it is worth leaving it in till maturity.

smirnoff1986

Wow that's a nice amount, how much will you have put in 5erge? And what is the deal with the terminal bonus? The rate I have been given is 230% but not sure what that's of?